RapNet


Rapaport News

 

Retail

 

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

US Retailers See Robust Jewelry Results

Macy’s and J.C. Penney cite the category among their top sellers.
May 21, 2018 9:45 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... Jewelry sales were strong at Macy’s and J.C. Penney in the first fiscal quarter, the companies said.

“Fine jewelry was a standout performer, including our proprietary Star Signature Diamond Collection,” Macy’s CEO Jeffrey Gennette said last week in an earnings call transcribed by Seeking Alpha.

Macy’s total sales rose 4% year on year to $5.54 billion for the three months ending May 5, while comparable-store sales — from branches open for at least a year, including licensed stores — grew 4%. Profit surged 70% to $131 million for the period.

The result, which benefited from momentum from the holiday season, exceeded the retailer’s expectations, Gennette said on the call. Macy’s plans to increase its revenue-and-profit outlook for the full year, he added.

J.C. Penney also saw strong jewelry sales for the quarter ending May 5, even as total sales dropped 4% to $2.58 billion due to store closures. The retailer recorded a net loss of $78 million for the period, compared with a loss of $187 million a year ago, the company said last week.

Image: Macy’s
Tags: J.C. Penney, Jeffrey Gennette, Jewelry, Macy’s, Rapaport News, Star Signature Diamond Collection
Similar Articles
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First



Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
  
twitter twitter
About Rapaport
Advertise with us