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Retail hiring up from last year, but still well below average

Sluggish retail sales in November didn't stop retailers from adding bodies. A report by outplacement consulting company Challenger, Gray & Christmas, reavealed to BloggingStocks, shows that retail sector payrolls grew to 321,300 in November, an improvement from the previous month's 233,700. This follows 54,200 retail hires in October, bringing the total number of seasonal retail employees up to 375,500. Already, that comes close to the 384,300 hired from October through December in 2008. The analysis is based on data supplied by the Department of Labor.

High expectations for the holiday season likely contributed to the up-tick in hiring. The estimated 0.5% growth from Black Friday 2008 to Black Friday 2009 was a disappointment, and November sales were off 0.3%, surprising analysts, who expected the trend to go in the other direction. Costco (COST) and Limited Brands (LTD) came out ahead, but most retailers, including Target (TGT) and Macy's (M) struggled. Saks (SKS) is also suffering from an anemic luxury goods market.


Continue reading Retail hiring up from last year, but still well below average

Tiffany's serves up solid quarterly earnings

Luxury retailer Tiffany (TIF) provided some news for a normally slow pre-Thanksgiving trading session, announcing third-quarter earnings for the Street to chew on.

The luxury retailer reported third-quarter earnings of 35 cents per share, matching its results from a year earlier. Earnings from continuing operations came in at 34 cents per share. By either measure, TIF handily topped the consensus estimate for earnings of 24 cents per share.

Continue reading Tiffany's serves up solid quarterly earnings

Luxury spending on the rise

MasterCard Advisors (NYSE: MA) service SpendingPulse says luxury and electronics sales headed upward last month, in a pleasant deviation from what became the norm all too long ago. A few other product categories posted gains as well – showing stability, if not a recovery. But, at this stage of the game, we'll take what we can get, right?

Luxury sales, not including jewelry, gained 3.4% year-over-year – that's an increase of $891 million. Last September, luxury goods suffered a 9.4% decline. Yet, this category is still below its September 2005 level of $94 million. Jewelry sales gained 1.2% relative to last year, compared to a year-over-year decline of 5.8% a year ago. Compared to apparel sales, this is a profound turn. In September 2008, the clothing category was off 5.7%, and this September, it was down only 2.9%.

Continue reading Luxury spending on the rise

Neiman's Christmas Book reflects economic reality

The new Neiman Marcus Christmas Book looks a bit different this year. Yes, it's still geared toward the typical Neiman clientele, but it reflects the fact that the usual customers may not be doing as well -- or spending as much -- this year as they did last year. The retailer is facing the fact that it will have to sell lower-priced items this Christmas, because that's what the public will have to buy (even the wealthy corner of the public).

Close to half the gifts listed in the 83rd edition of the Neiman Christmas catalog cost less than $250, and some of them are actually practical (though a bit pricey for most people). In the past, the number of gifts at this price-point would be in the 30% to 40% range.

Continue reading Neiman's Christmas Book reflects economic reality

Tiffany 4Q profit falls, but the jeweler keeps its shine

Tiffany (NYSE: TIF) reported fourth-quarter earnings that dropped more than 75% from a year earlier as pocketbooks remained clamped throughout the holidays. It certainly seems that the market for high-end jewelry was far lower during the holidays, thanks to the current economic mess.

The retailer reported earnings of 25 cents per share compared to 96 cents per share a year ago. Taking staff cuts and other costs out of the equation, TIF's earnings checked in at 85 cents per share. The ex-item results were better than Wall Street's expected 80 cents per share. While revenue dropped 20% to $841.2 million, it topped the consensus estimate of $838 million.

Continue reading Tiffany 4Q profit falls, but the jeweler keeps its shine

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Last updated: May 28, 2012: 06:10 PM

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