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Watch sales drop 21 percent in June

August 10, 2009
Corum created this unique Ti-Bridge watch, which features the CO 007 movement and a famous quote from the children's story Le Petit Prince (The Little Prince) engraved on the caseback, for the Only Watch auction.

Randolph, N.J.--According to LGI's July Time Tracker Newsletter, watch sales in June saw an overall decline compared with the same period last year; however, the market was flat from May, indicating that the downward momentum might be slowing.

Watch sales declined 21 percent on a same-store dollar basis in June, and 16 percent on a same-store unit basis. This amounts to $378 million worth of fine watches sold at manufacturer's suggested retail prices and 511,000 units for the month.

All price points experienced declines, according to LGI, with timepieces in the $10,000 to $25,000 price range faring the worst.

LGI is reporting same-store sales growth figures to enable retailers to more easily compare their own operations to these figures. While it will continue to adhere to this same-store approach, LGI says it's worth noting that relative to last year, a number of large institutional retailers and several thousand small independent retailers exited the business leading to a more challenging overall performance picture.

The LGI Network (LGI) provides marketing and sales information to the world's leading luxury goods retailers, manufacturers and distributors. LGI launched its initial service, Time Tracker in February 2004, which focuses on the U.S.-branded watch market.
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