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Macy’s Jewelry Upgrade Lifts Sales

Aug 14, 2017 1:15 AM   By Rapaport News
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Macy’s jewelry sales grew by a double-digit percentage in the second quarter, following a decision to raise the quality of its products, the retailer said.

The strategy resulted in higher revenue across both its jewelry and watch businesses, the department-store chain reported last week. The sector was a pocket of growth in overall group sales, which declined 5.4% to $5.55 billion for the quarter.

Macy’s launched a US-wide initiative nearly two years ago to offer better-quality jewelry and improve the skills of its selling staff. It has now extended the strategy to the last of the 350 stores the policy had targeted, Macy’s chief financial officer Karen Hoguet said Thursday in an investor call transcribed by Seeking Alpha.

“Sales in fine jewelry were up double digits in the quarter, which is terrific news particularly [for those stores] where the strategy has been in place for more than a year,” Hoguet said.

The effort focused on a range of product types, including fine jewelry, fashion jewelry and watches, CEO Jeff Gennette said on the call.

“If you can establish a [strong position] with a particular category that customers really want, then once they’re in, they’ll buy other categories,” Gennette added.

The CEO said Macy’s wanted to ensure it was relevant to customers who were “starting their engagement journey with us,” and noted that its ability to offer better-quality diamonds was central to the strategy.

While Macy’s noted strong contributions from jewelry and women’s shoes, last year’s decision to close 100 stores due to market conditions hit overall performance, the company said.

Image: Mr Hicks46
Tags: department stores, jeff gennette, Jewelry, Karen Hoguet, Macy’s, Rapaport News, retail, watches
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