Surveying results from 47 retailers, all of them publicly held and the overwhelming majority of them based in the U.S., Sage found in the last 12 months, the five stores with the best EBITDA margin earnings before interest, taxes, depreciation and amortization as a percentage of sales were Hennes & Mauritz, at 23.4 percent; The Buckle Inc., at 22.5 percent; Zara operator Industria de Diseno Textil SA (Inditex), at 20.3 percent; Urban Outfitters Inc., at 19.8 percent, and Fast Retailing Co. Ltd., owners of Uniqlo, at 18.6 percent.

Other specialty retailers such as Gymboree, Jos. A. Bank Clothiers Inc., Aropostale Inc., Gap Inc. and American Eagle Outfitters Inc. filled out the top 10 rankings with marks ranging from 18 percent down to 13.9 percent, but Kohl’s Corp. distinguished itself as the best broadlines retailer with an 11th-place finish at 12.6 percent.

Abercrombie & Fitch Co. (11.7 percent) and Limited Brands Inc. (11.6 percent) followed, before the first upscale department store appeared on the list, Nordstrom, whose 11.4 percent mark placed it at 15th. Macy’s Inc. was 18th with a 10.5 percent EBITDA margin.

The other stores in Sage’s retailing universe to finish with a margin above 10 percent were off-pricers The TJX Cos. Inc. and Ross Stores Inc. (10.1 and 10 percent, respectively) and two others with a 10 percent margin, Zumiez Inc. and Bebe Stores Inc.

Sage also noted the fast-fashion subset has achieved strong growth as well, with the three-year revenue growth rates of Fast, Inditex and H&M far outpacing those of department store firms, several of which have had declines over the three years studied. American Apparel Inc. was first on this list with a compound annual growth rate of 39.8 percent, followed by Fast (24.3 percent), Zumiez (19.8 percent), Buckle (18.2 percent) and Urban Outfitters (16.3 percent). The bottom half of this top 10 were Aropostale (15.2 percent), The Bon-Ton Stores Inc. (14.5 percent), Dick’s Sporting Goods Inc. (14.1 percent), Inditex (13.9 percent) and Jos. A. Bank Clothiers (14.1 percent). H&M scored 11th, with 12.1 percent, followed by J. Crew Group Inc. (12 percent). Bon-Ton’s growth rate can be partially attributed to acquisitions, including its purchase of Saks Inc.’s Northern Department Store Group in 2006.

Measured by gross margin in the past 12 months, Abercrombie & Fitch was best, at 65.1 percent of sales, followed by Jos. A. Bank Clothiers (61.5 percent), H&M (60.3 percent), Inditex (56.6 percent) and American Apparel (55.5 percent).

On a market-cap weighted basis, stock prices for the fast-fashion subset have gained 17.3 percent over the past year, trading at 11.3 times [EBITDA for the last 12 months], on average, Sage noted. By comparison, the department stores cited in the study Macy’s, J.C. Penney Co. Inc., Nordstrom and Dillard’s had seen their stock prices decline 17.8 percent over the last year and were trading at an EBITDA multiple of 7.9 times.

Among apparel firms, the EBITDA margin was highest among two brand management firms Iconix Brand Group and Cherokee Inc., at 71.3 and 66.6 percent, respectively followed by Coach Inc. (33.9 percent), True Religion Apparel Inc. (27 percent) and Tiffany & Co. (21 percent). The top 10 included Guess Inc. (18.9 percent), Polo Ralph Lauren Corp. (16.9 percent) and Gildan Activewear Inc. (14.8 percent).

Frederick Schmitt, managing director of Sage, was lead editor of the study.

As of Jan. 1, Zale pulled tanzanite jewelry from its stores, following its own investigation of reports that proceeds from the sales of the gemstone were possibly used to finance Osama bid Laden’s al Qaeda network.

“This is one of the murky situations where everyone can tell you a pretty compelling story about why it isn’t true and why it is true,” said Susan Lanigan, Zale’s senior vice president and general counsel. “We have not been able to prove or disprove there is a link.”

Nevertheless, Ms. Lanigan, who personally handled the Zale investigation, said she believed the corporation could not “comfortably” protect the Zale brand’s integrity.

Al Qaeda’s traffic in the gemstone trade, including tanzanite, was detailed during a federal trial last year into the bombings of U.S. embassies in Kenya and Tanzania in 1998. Among the four bin Laden followers convicted was Wadih el Hage, a former Arlington resident who served as bin Laden’s personal secretary and testified that bin Laden’s businesses were legitimate.

The move by Zale follows similar action taken last November by QVC Inc., a large jewelry retailer that suspended sales of tanzanite jewelry through its Web site, retail outlets and a television network. Zale is the nation’s largest operator of speciality jewelry stores with more than 2,300 outlets under such names as Zales, Gordon’s Jewelers, Bailey Banks & Biddle and Piercing Pagoda.

In addition, in a note to customers at its stores, Zale offers to take back any tanzanite products purchased from the store in the past.

The gemstone is found only in northern Tanzania, an impoverished nation on Africa’s east coast. Once mined, the stones make their way through a Third World labyrinth of dealers, and then cutters and polishers, largely based in India and Thailand. Then the jewels are sold to jewelers, who supply the actual stores.

Ms. Lanigan said she contacted some 48 tanzanite vendors of the Zale Corp. to try to understand the mining business further, the extent of the gemstone smuggling from Tanzania and whether the trade could possibly be linked to the al Qaeda network.

“I don’t think there is a clear picture of how many hands are touching tanzanite,” Ms. Lanigan said. “People are always accusing others of slipping into their stakes. It is impossible sitting here thousands of miles away to get any clear picture.”

Sales of tanzanite jewelry represent less than 1 percent of Zale’s $2.07 billion in sales in the last fiscal year.

But Ms. Lanigan said, “We don’t want to be forever out of the tanzanite business. We hope this issue will be resolved so that we can be comfortable.”

Gem and jeweler trade associations in the United States and Tanzania have reacted harshly to reports linking the tanzanite trade to Mr. bin Laden’s terrorist network. Defending their trade practices, the groups have said that the vast majority of exporters and dealers have no ties to terrorist organizations.

“There is no question that there is a connection,” said Cap Beesley, president of the American Gemological Laboratories in New York, which tests colored gemstones. “That came out in the embassy bombing trials. The point we are trying to make is what is the extent of the connection and what do about it.”

Mr. Beesley urged restraint. He compared it to the controversy over “blood diamonds” or “conflict diamonds” in Africa where revenue from the diamond trade has been used to arm rebels with advanced weapons and enlist new soldiers in civil wars.

“Tiffany didn’t stand up and say we are not going to sell diamonds anymore,” Mr. Beesley said. “QVC didn’t stand up and say we are not going to sell diamonds and Zale spent more on diamond advertising than ever this past Christmas season.”

The diamond industry has attempted in recent years to determine the origin of the diamonds and a system for tracking their movement. No such procedures are in place for tanzanite, Mr. Beesley said.

Before the reports of its links to terrorism, tanzanite was best known as the large jewel in the necklace tossed to the seas by the protagonist in the movie Titanic. An Indian prospector, looking for sapphires, was led to the gems in Tanzania in 1967. Tiffany & Co. then launched a high-end marketing campaign for the gem it christened “tanzanite.”

Dampening the romance of Valentines Day, research by financial services institution tiffany and co Bankwest shows despite the volume of chocolates and flowers delivered on February 14, married couples most often break up at this time of year.

Nearly 19 per cent of people who took part in the survey, When Love Goes Wrong, estimated once a marriage was over, it cost more than $100,000 to start a new life.

The survey found one in four married couples bought a house together, while one in three took out a joint loan to purchase items including television sets, fridges, sofas and cars.

Nearly half lost friends, while 46 per cent said their social life improved as a result of frank gehry splitting up.

“Our research showed nearly one in four people estimated it took longer than two years to get back on their feet financially after a split,” Bankwest head of strategy and products Selina Duncalf said in a statement on Wednesday.

She said people should get sound and independent advice on managing their finances after a separation.

Research for the When Love goes Wrong survey was conducted online in late January.

Respondents included 470 Australians who had split from a relationship paloma picasso in the past five years.