November fur sales pick up

SANDY PARKER REPORT, VOL. 31, ISSUE 38, NOV. 26, 2007
The following extract is reproduced with permission from Sandy Parker Reports, Weekly International Fur News. Sandy Parker has been covering the fur industry for more than four decades. For most of that time he has published a weekly newsletter, detailing results of international pelt auctions, wholesale price trends, business developments and movements in the trade, as well as economic and political activities that may impact on it.
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International Fur News
with Sandy Parker
November fur sales pick up
NOVEMBER FUR SALES HAVE PICKED UP FOLLOWING A SLOW START, reflecting increased store traffic as temperatures have edged downward, but retailers were still waiting to see what the month’s final weekend would bring. An important exception to the pickup were stores in the Midwest, notably the Chicago area, where one retailer commented “we’re victims of the weather.” This is the first of the four most important months for furriers and they’re looking for a momentum to build and carry them at least through January. Seasonal fur promotions are now in full swing, including those by operators offering huge discounts. Those ranks apparently have been swelled this year by traditional retailers who feel they have to offer big discounts to compete, particularly at a time when more consumers are looking for them.
CANADIAN VENDORS WERE BREATHING A LITTLE EASIER LAST WEEK as their dollar backed away from its record high and came back down closer to parity with its American counterpart. The loonie, having reached to over $1.08 U.S., meant the American dollar had lost 20% in value since retailers placed their orders at the Montreal fair in May and payment at that rate would have more than erased vendors’ profit margins. Many of those invoices, for goods delivered in September and October, are now coming due. Even at parity, vendors say they will have worked this season for nothing. Efforts by some vendors to offset the strength of their dollar, such as hedging in currency futures and building a premium into their original price, proved to be only a partial cushion. Meanwhile, a number of houses have raised prices by 10% to 15% on reorders, but there is little optimism – given the season’s slow start – that their reorder business will be so great.
IN THIS ISSUE:
Stores Bearish on Holiday Spending
… but Conference Board Sees Rise
November Fur Sales Pick Up
U.S. Sales Declined 12% in 2006
Canadian Dollar Pressure Eases
For extracts from back issues of Sandy Parker Reports see News Index. Subscribers can access an archive of complete issues at www.sandyparker.com.
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