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US Retailers See Robust Jewelry Results
May 21, 2018 9:45 AM
By Rapaport News
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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
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Tags:
J.C. Penney, Jeffrey Gennette, Jewelry, Macy’s, Rapaport News, Star Signature Diamond Collection
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