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Jewelry Shines for Macy’s, J.C. Penney

May 22, 2019 9:40 AM   By Rapaport News
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RAPAPORT... Macy’s and J.C. Penney noted strong sales in their jewelry divisions in the first fiscal quarter, even as overall results showed a downward trend.

“Our fine-jewelry business continues to deliver strong sales results,” J.C. Penney chief financial officer Bill Wafford said on an analyst call transcribed by Seeking Alpha. “We saw particular strength in categories such as modern bride, gold and fashion gems.”

Jewelry was one of the retailer’s few divisions that outperformed total company comparable-store sales, alongside children’s, women’s and men’s apparel, Wafford added.

Macy’s also highlighted jewelry as one of its highest income-earners for the period.

Macy’s revenue slid 0.6% year on year to $5.5 billion in the first fiscal quarter ending May 4, while profit rose 3.8% to $136 million. Sales at J.C. Penney fell 6% to $2.44 billion for the same period, with a net loss of $154 million, versus a loss of $78 million a year ago.

Image: The jewelry department at a J.C. Penney store. (J.C. Penney)
Tags: Bill Wafford, J.C. Penney, Jewelry, Macy’s, Rapaport News
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