The just released 2014 Jewelers of America Cost of Doing Business Report is an invaluable benchmarking tool for retail jewelers – the only one of its kind. Each year, we scour the report to discover the sales, product distribution and operating trends of retail jewelers across the United States. Rich with so much benchmarking data, we have selected key areas to highlight through infographics. Click on the image below to view.
The good news is that, according to the 2014 Report, annual sales per retail jewelry location is still on the rise: in 2013 the median sales volume was $1,771,773 -- 20% above 2012's $1,469,168 median.
Jewelers of America produces the report as an informative resource for retail jewelry owners and managers who want to see how their financial and store management compares with like businesses, and high- and low-profit jewelers. One thing that become clear through the report data is that high-profit jewelers manage their profit margins and operating expenses more effectively. The image below higlights that in 2013 high-profit jewelers had an 11.9% profit margin, a 3 times more than the median for all jewelry firms (3.6%). It also reveals that even minor differences in containing operating expenses can make a big difference: high-profit jewelers' operating expenses accounted for 38.1% of their total expenses, only 4.5% less than the media for all firms (42.6%).
Jewelers of America is hosting a webinar to reveal even more results and show how you can reach your realistic profit goals on September 10, at 2pm. Click here for webinar details and to register. For more information about the Report and to order, visit www.jewelers.org/codbr/.