There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.
Earnings Roundup: TJ Maxx, JC Penney Come Out on Top
These two retailers reported some of the strongest year-end sales in retail, while competitors Macy’s and Kohl’s struggled.
New York--The TJX Companies Inc. and J.C. Penney reported some of the strongest fourth quarter and year-end sales results in 2015, a year in which many big retailers struggled.
The TJX Companies’ Marmaxx U.S. division (comprising T.J. Maxx and Marshalls) recorded a 6 percent increase in same-store sales in the fourth quarter, while total sales were up 8 percent. For the year, comps rose 4 percent and total sales were up 7 percent.
An increase in customer traffic helped to boost sales, with President and CEO Ernie Herrman, who took the reins from Carol Meyrowitz this year, noting that comps “significantly exceeded expectations.”
Meanwhile, J.C. Penney Co. Inc. continues to make a comeback. The Plano, Texas-based retailer saw fourth quarter comps increase 4 percent while total sales rose 3
Competing department store and off-price chains didn’t fare so well.
Macy’s continues to struggle, posting declines in same-store and total sales for the fourth quarter and full year. The retailer’s fourth quarter comps were down 4 percent year-over-year while total sales slid 5 percent.
For 2015, comps were down 3 percent while total sales decreased 4 percent.
Kohl’s also saw its same-store and total sales slip in the fourth quarter and for 2015 as a whole, with Chairman, President and CEO Kevin Mansell noting that the retailer’s fourth quarter comps were below expectations.
In 2016, Kohl’s is opening seven stores that are smaller than its traditional locations and two more Off-Aisle pilot stores, both in Wisconsin. Off-Aisle is an outlet store stocked with merchandise that was returned to other Kohl’s stores.
The retailer also is opening 12 outlet stores for sportswear brand Fila and will close a total of 18 underperforming stores, with specific locations expected to be announced by the end of March.
Among higher-end department stores, both Saks Fifth Avenue, which is owned by Canadian retail company Hudson’s Bay, and Nordstrom saw their off-price divisions outperform their full-line stores in both the fourth quarter and full year.
Saks Fifth Avenue’s same-store sales slipped 1 percent in the fourth quarter and full year while Saks Off 5th stores recorded comp increases of 2 percent and 6 percent for the fourth quarter and full year, respectively.
Nordstrom’s fourth quarter same-store sales were up 1 percent while total sales in the period rose 5 percent. For the full year, comps increased 3 percent and total sales climbed 8 percent.
In both periods, however, Nordstrom Rack outperformed the retailer’s full-line stores.
The Latest
A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.
The former WJA executive director is MFM’s new managing director.
Ho Brothers offers scalable solutions for the future of custom jewelry.
DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.
Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.
Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.
The retailer previously turned down an $8.4 billion offer in 2018.
The Florida store’s owner Miguel Gonzalez is retiring.
The lab stresses the importance of accurate identification, as the difference in price is “substantial.”
The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.
One is reserved for a NAJA member, the other for a non-member.
Longtime employees Carie Lehrke and Megan Mattice have received promotions.
Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.
Chris Clipper and Robert Lepere join the company with 50 years of combined experience.
The trendy, metallic earrings wink at classic spring colors.
JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.
The miner’s March auction generated $19 million.
Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.
“Chopard x Julia Roberts” showcases the first gems cut from the 6,000-carat-plus “Insofu Emerald."
Elvis gave the watch to actress Dodie Marshall after filming “Easy Come, Easy Go.”
The Gianmaria Buccellati Foundation Award for Excellence in Jewelry Design was presented to a graduate of the GIA school in Taipei.
The man was charged with money laundering in connection with the theft of gold, silver, and platinum over the course of three years.