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Macy’s Notes Solid Quarter for Jewelry
Mar 3, 2020 3:27 AM
By Rapaport News
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RAPAPORT... Jewelry was among the best-performing categories at Macy’s during the fourth fiscal quarter, even as overall sales declined at the department-store chain.
Group revenue dropped 1.4% year on year to $8.34 billion in the three months ending February 1, while comparable-store sales — at owned and licensed shops open for at least a year — fell 0.5%, the retailer reported last week. However, sales rose 4.3% at its “destination” businesses, which include fine jewelry, as well as dresses, “big ticket,” men’s tailored, women’s shoes, and beauty.
Those six divisions are the focus of the department store’s investments, and account for 40% of sales, it said. “All six areas continued to outperform the balance of the business on market share, return on investment and profitability,” Macy’s CEO Jeff Gennette said in an earnings call transcribed by Seeking Alpha.
Fine jewelry, dresses and fragrances were especially strong relative to expectations, the company continued.
Image: A Macy’s store in Rancho Cucamonga, California. (Macy’s)
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Tags:
department stores, fine jewelry, jeff gennette, Jewelry, Macy’s, Rapaport News, retail, US
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