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J.C. Penney Sees Strong Jewelry Demand

Division is key to retailer’s strategy, says CEO.
Mar 4, 2018 4:49 AM   By Rapaport News
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RAPAPORT...
J.C. Penney’s comparable-store jewelry sales jumped by at least 10% in the fourth fiscal quarter, rounding off a strong year of growth, CEO Marvin Ellison said.

Jewelry sales increased by that key measure in every quarter of the fiscal year ending February 3, including by a “double-digit” percentage in the final three months, the executive noted.

Jewelry was one of a handful of departments whose comparable-sales growth — from branches open for at least a year — exceeded the company’s overall 2.6% increase for the fourth quarter, which included the holiday season. Comparable-store sales rose 0.1% for the whole of fiscal 2017, the retailer said Friday.

“Fine jewelry is a key component of our beauty strategy,” Ellison said in a conference call with analysts, transcribed by Seeking Alpha. “Our jewelry business is bringing in a newer and younger customer to J.C. Penney, and we have [an] aggressive plan for 2018.”

Total sales at all J.C. Penney locations declined 0.3% to $12.51 billion for the year, primarily due to a number of store closures in the first fiscal half. Sales increased 1.8% to $4.03 billion in the fourth fiscal quarter compared with the equivalent period a year ago.
Tags: comparable-sales growth, J.C. Penney, Jewelry, Marvin Ellison, Rapaport News
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