Last minute buying boosts Goldsmiths
Baugur-owned chain sees tough start to Christmas trading
Jewllery retailer Goldmiths has notched up an increase in sales over Christmas after a last minute rush countered a subdued start to Christmas trading.
Goldsmiths, owned by Icelandic retail group Baugur, has reported a 3 per cent total increase in group sales for the four weeks to New Year’s Eve, with a 0.4 per cent like-for-like increase.
Sales for the year to December 31 were up 1.2 per cent in total and down 1.5 per cent on a like-for-like basis.
Jurek Piasecki, chairman and chief executive, said: “The company has never known such a late Christmas. We experienced a poor November and this pattern continued through into early December. Fortunately, in the last week, we saw a significant increase.
“Watches in particular were an outstanding success but weakness was shown in diamonds and gold with the exception of the branded areas such as Gucci.
“Geographically Scotland, the North of England and the Midlands were strongest with the South and South East suffering. Our sale commenced on Boxing Day and trading has been good.”
Piasecki said 2004 had been a difficult year., with increased interest rates plus declining consumer confidence hitting sales as the year progressed.
He said: “With the improvement experienced in the final week prior to Christmas and in the period immediately after Christmas, I am hopeful that we can look forward to better trading conditions throughout 2005.
“Assuming a period of interest rate stability, we should start to see a return of consumer confidence and a more buoyant retail environment.”
Goldsmiths now has 171 branches, having opened seven stores across the past year. Baugur acquired the business in May last year.
