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

RAPAPORT... Macy's and J.C. Penney noted strong sales in their jewelrydivisions in the first fiscal quarter, even as overall results showed a downward trend. "Our fine-jewelry business continues to deliver strong salesresults," J.C. Penney chief financial officer Bill Wafford said on an analystcall transcribed by SeekingAlpha. "We saw particular strength in categories such as modern bride, goldand 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 thefirst 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 netloss 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)