Luxury groups still enjoy good times
While mid-range retailers such as Tandy Leather breathe a sigh of relief that 2007 is over (see www.leatherbiz.com February 22, 2008) luxury groups continue to fare well. The latest such company to report “strong growth” is designer of branded writing instruments, leather goods, timepieces, and business accessories A.T. Cross Company.
The company has announced a 5.2% increase in consolidated sales for the fourth quarter, to reach $47.7 million compared with $45.3 million in the same quarter of 2006; while full year consolidated sales increased a significant 9% to $151.9 million, up from $139.3 million in 2006.
Despite continued warnings from analysts, the group also remains positive about 2008 and is anticipating growth of between 6% and 8%. “We are very pleased with the progress our company made in 2007. The business performed very well during a challenging time for retailers. We believe our results underscore the strength of our brands, the quality of our products and the excellent execution of well thought out strategies,” said David Whalen, president and chief executive.
