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J.C. Penney Expects Strong Holiday for Jewelry

Comparable sales for the division increased in third fiscal quarter.
Nov 13, 2017 8:06 AM   By Rapaport News
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J.C. Penney’s comparable jewelry sales grew in the third fiscal quarter, prompting management to predict a further increase for the holiday shopping period.

“We had a strong third quarter of positive comps [comparable sales] from fine jewelry, and we expect to see this trend continue during the holiday season,” Marvin Ellison, the department-store chain’s chairman and CEO, said in an investor call last week transcribed by Seeking Alpha.

J.C. Penney did not provide sales data for the jewelry division, but said group comparable sales — from stores open for at least a year — had climbed 1.7% as the retailer closed outlets and reduced inventory. Total sales slipped 1.8% to $2.81 billion for the quarter, which ended October 28.

The company has re-branded the jewelry department and introduced a line of smart watches in a bid to achieve the desired increase in holiday sales. Earlier this month, it appointed James Starke as senior vice president and senior general merchandise manager for men’s apparel, children’s apparel and jewelry, reporting directly to Ellison.
Tags: department stores, holiday, holiday sales, holiday season, holiday shopping, J.C. Penney, James Starke, Jewelry, Marvin Ellison, Rapaport News, retail
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