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Jewelry Bolsters J.C. Penney Sales

Sector stands out in retailer’s otherwise disappointing performance.
May 15, 2017 7:45 AM   By Rapaport News
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J.C. Penney said jewelry was one of its stronger areas for sales in the first fiscal quarter, even as the retailer’s overall revenue fell.

While the company did not release figures for the division, it said comparable sales for fine jewelry were positive — as they were for its home and salon departments and for its in-store branches of beauty retailer Sephora.

“Our fine-jewelry performance is a classic example of great alignment between the merchants and the stores,” chairman and CEO Marvin Ellison said in an earnings call last week. “The merchants have done an outstanding job of selecting inspiring products at a value, and the store team delivered outstanding product knowledge training and customer engagement.”

Group net sales declined 3.7% to $2.71 billion in the three months that ended April 29, the store chain said.

Meanwhile, Macy’s reported a 7.5% drop in sales to $5.34 billion for the quarter. Management was “encouraged” by pilot programs in fine jewelry, the department-store group said last week. However, fashion jewelry and watches had a weaker performance during the period, Macy’s chief financial officer Karen Hoguet said in an investor call Friday transcribed by Seeking Alpha.
Tags: fine jewelry, J.C. Penney, Jewelry, Karen Hoguet, Macy’s, Marvin Ellison, Rapaport News, retail, US, US retail
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