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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
Tags: J.C. Penney, Jeffrey Gennette, Jewelry, Macy’s, Rapaport News, Star Signature Diamond Collection
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