While most Americans will be busy gazing into their loved ones' eyes this Valentine’s Day, a slew of companies will be busy gazing into their earnings.
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The National Retail Federation estimates total spending this Valentine’s Day to exceed $20.7 billion, a 6 percent increase over last year’s $19.6 billion.
The retail industries that stand to see big sales boost during the holiday are jewelry at $3.9 billion, clothing/lingerie at $2.1 billion, flowers at $1.9 billion, candy at $1.8 billion, gift cards at $1.3 billion and greeting cards at $933 million.
New York-based 'Baked By Melissa' Founder Melissa Ben-Ishay, the inventor of the tie-dye cupcake and the baker who put bite-sized cup cakes on the map, tells FOX Business she already posted one of her best sales day in history via online orders.
Here are some other companies that are expected to see strong sales this Valentine’s Day.
|FLWS||1 800 FLOWERS COM||22.95||-0.33||-1.42%|
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Flower Companies – Total spending $1.9 billion
The Bouqs Company
The online floral retailer told FOX Business last year that it typically racks up more than $1 million per day in sales leading up to occasions such as Mother’s Day or Valentine’s Day.
Candy Companies – $1.8 billion
The Ferrara Candy Co., maker of Brach’s candy
Since Sweethearts are officially off store shelves this year due to new ownership, Brach’s hopes to make a big splash with its Conversation Hearts While a spokesperson for the brand could not share its sales estimates for V-Day season, the company estimates one third of its total Valentine’s Day business will be from Brach’s. It also increased its production of Conversation Hearts this year by 10 percent due the absence of SweetHearts.
As one of the biggest chocolate and sugar confectionary manufacturers in the country, Hershey’s stands to make a big profit this Valentine’s Day with well-known brands such as Hershey’s, Reese’s, Twizzlers and Kit Kat. This despite all the drama it had over its Kisses missing its "tips" recently. Plus, for V-Day the company packages many of its products in heart-shaped boxes to drive up revenue even more. Hershey’s annual revenue for 2018 was $7.791 billion, a 3.67 percent from 2017. According to a company spokesman, Valentine's Day is ranked as the company's fourth biggest season behind Halloween, Easter and Christmas.
Clothing/Lingerie – $2.1 billion
L Brands--Victoria Secret and Bath & Body Works
L Brands has two key brands under its belt for the V-Day season, Victoria Secret, which is the country’s leading lingerie store, and Bath & Body Works, a personal-care retailer. Net sales for L Brands in 2018 were $12.63 billion, up from $12.57 billion last year.
This New York-based lingerie startup has seen record growth since launching in 2012. Morgan Hermand-Waiche, the founder of Adore Me told FOX Business back in 2017 that sales volumes typically pick up three to five times on a daily basis around Valentine’s Day season.
Greeting Cards: $933 million
Hallmark typically creates around 900 Valentine’s Day greeting card designs and, according to Statistic Brain, an estimated more than 144 million people plan to send cards this Valentine’s Day, making it the company’s second-biggest day after Christmas.
Jewelry – $3.9 billion
Tiffany & Co.
Known for its blue boxes, Tiffany & Co. stands to make a big profit on Valentine’s Day as it did last year. During its first-quarter earnings report last year, Tiffany reported better-than-expected results with overall worldwide net sales rising 15 percent.