News

Advanced Search

US Retailers See Robust Jewelry Results

May 21, 2018 9:45 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


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
Similar Articles
Pandora 150Pandora Launches Bangkok Factory
Jun 17, 2018
Pandora has opened a new manufacturing center in Bangkok, Thailand, aiming to speed up production and comply with
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.