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EditorsMar 25, 2009
Finally, some glimmer in the numbers
No secret that there's a nasty economic undertow dragging on our industry. Many are hoping simply to keep their heads above water until the heavy surf subsides. Finally, several items have surfaced that I see as positive. The first came...
No secret that there's a nasty economic undertow dragging on our industry. Many are hoping simply to keep their heads above water until the heavy surf subsides.
Finally, several items have surfaced that I see as positive. The first came Monday in Tiffany's release of its fiscal 2008 financial results. Tiffany Chairman and CEO Michael Kowalski is one of the best, and it's always valuable to listen closely to what he says.
In the statement, Kowalski indicated that while we'll continue to see "challenging economic conditions throughout the year," the decline will become less severe as we move toward the latter part of the year.
More positive yet, Sterling, in a statement of its annual financial results that it issued today, noted that sales are down only 2.7 percent for the first seven weeks of the current fiscal quarter. Further, Valentine's Day was relatively strong, and these results are even better when the timing of Easter this year is calculated in. Margins are improving, too.
There's nothing that we at the magazine here want more than improved conditions for everyone in the industry. The conversation consistently seems to turn to when the downturn will bottom out. Still not certain on that one. But these two items, along with the stock market's rally of the past few days, are the first things we've had to cheer about in quite some time.
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