J.C. Penney Sees Hike in Jewelry Sales

RAPAPORT... J.C. Penney's comparable-store jewelry sales jumped by atleast 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 quarterof the fiscal year ending February 3, including by a "double-digit" percentage inthe final three months, the executive noted. Jewelry was one of a handful of departments whosecomparable-sales growth - from branches open for at least a year - exceeded the company's overall 2.6% increasefor the fourth quarter, which included the holiday season. Comparable-storesales 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, transcribedby Seeking Alpha. "Our jewelry business is bringing in a newer and youngercustomer 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 thefirst fiscal half. Sales increased 1.8% to $4.03 billion in the fourth fiscalquarter compared with the equivalent period a year ago.