Jewelry retailers fall on Blue Nile view
\nBusinessWeek
\nNew York<\/p>\n
<\/p>\n
Shares of jewelry retailers fell Wednesday after online jewelry retailer Blue Nile offered a weak yearly outlook.<\/p>\n
Citing uncertainty in the luxury retail sector, the company said it expects first quarter and yearly earnings below expectations.<\/p>\n
Analysts said the luxury sector, once thought to be impervious to the economy, appears to be weakening. Tiffany Inc. and Coach Inc. have both warned of sales slowdowns.<\/p>\n
JMP Securities LLC analyst Kristine Koerber said guidance was disappointing.<\/p>\n
“Trends picked up slightly in February, but with a greater level of uncertainty around the luxury category, we remain on the sidelines with a ‘Market Perform’ rating,” she wrote in a note on Wednesday.<\/p>\n
ThinkEquity Partners analyst Ed Weller lowered expectations for the company and kept his “Buy” rating.<\/p>\n
“Though sales firmed for Valentine’s Day, we believe management has little confidence in any trend other than increased market share in an industry that seems dramatically weaker,” he wrote.<\/p>\n
Shares fell across most of the sector during morning trading.<\/p>\n
Finlay Enterprises Inc. shares fell 2 cents to $1.19.<\/p>\n
Harry Winston Diamond Corp. shares fell 10 cents to $25.15.<\/p>\n
Tiffany & Co. shares fell 80 cents to $39.46.<\/p>\n
Zale Corp. shares fell 45 cents, or 2.6 percent, to $17.28.<\/p>\n
Blue Nile shares dropped $8.20, or 15.2 percent, to $45.65.<\/p>\n
One exception was Signet Group PLC. Shares rose 25 cents, or 2 percent, to $12.66.<\/p>\n","protected":false},"excerpt":{"rendered":"
Jewelry retailers fall on Blue Nile view BusinessWeek New York Shares of jewelry retailers fell Wednesday after online jewelry retailer Blue Nile offered a weak yearly outlook. Citing uncertainty in the luxury retail sector, the company said it expects first quarter and yearly earnings below expectations. Analysts said the luxury sector, once thought to be […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[411],"tags":[],"yoast_head":"\n