US Retailers See Robust Jewelry Results

RAPAPORT... Jewelry sales were strong at Macy's and J.C. Penney in thefirst fiscal quarter, the companies said. "Fine jewelry was a standout performer, including ourproprietary Star Signature Diamond Collection," Macy's CEO Jeffrey Gennettesaid last week in an earnings call transcribedby Seeking Alpha. Macy's total sales rose 4% year on year to $5.54 billion forthe three months ending May 5, while comparable-store sales - from branchesopen for at least a year, including licensed stores - grew 4%. Profit surged70% 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 forthe full year, he added. J.C. Penney also saw strong jewelry sales for the quarterending 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