Rapaport News



Rapaport Broadcast
Rapaport’s ‘State of the Diamond Industry’ Address
June 08 2020

Advanced search
Latest Articles
Rough Markets
Polished Markets

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
Print Print Facebook Facebook Twitter Twitter Share Share

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
Similar Articles
De BeersSurvey: Shoppers Prefer to Buy Jewelry In-Store
Jul 07, 2020
US consumers still favor purchasing diamond jewelry in a brick-and-mortar shop, but...
Jewelers See Positive Signs as Business Restarts
Hong Kong Retail Sales Fall Sharply in May
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