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J.C. Penney Sees Strong Jewelry Demand
Mar 4, 2018 4:49 AM
By Rapaport News
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RAPAPORT...
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.
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Tags:
comparable-sales growth, J.C. Penney, Jewelry, Marvin Ellison, Rapaport News
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