News

Advanced Search

J.C. Penney Sees Strong Jewelry Demand

Mar 4, 2018 4:49 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


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.
Tags: comparable-sales growth, J.C. Penney, Jewelry, Marvin Ellison, Rapaport News
Similar Articles
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2018 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.