Jewelers of America (JA), the US body, has published its annual Cost of Doing Business Report, compiling 2012 financial data from a range of jewelers and reveals high-profit performance indicators so jewelers can see how their figures compare for 2013.
Jewelers of America announced that the 2013 edition includes more details of key data, such as expanded merchandise categories, advertising channels, demographic location and more.
The JA said in a statement that the report stresses that effective cost control, especially within operating expenses, can make the difference between gaining higher profits and average store performance. While high-profit jewelers in 2012 did not have greater net sales ($1,178,822 median sales compared to $1,469,168 for the typical firm), they spent 7.4 percent less on overall operating expenses than the typical specialty jeweler (35.1 percent compared to 42.5 percent).
The report shows companies specific areas where high-profit jewelers controlled their operating expenses including payroll (37.8 percent vs 51.2 percent), occupancy (9.2 percent vs 11 percent) and advertising (6.8 percent vs 8 percent).
It includes more than 200 financial statement variables. The detailed data tables are organized by jeweler category – high-end, mid-range, chains, designer – and annual sales – under $0.8 million, $0.8 - $1.6 million, $1.6 - $3.5 million, and over $3.5 million – and high-profit firms and include key performance measures.
