The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.
Earnings roundup: Kohl’s, JC Penney, Walmart
Despite a dismal winter that hampered many retailers’ sales, J.C. Penney posted relatively strong first quarter same-store sales, with fine jewelry listed as one of its best-selling categories.
New York--Despite a dismal winter that hampered many retailers’ sales, J.C. Penney posted relatively strong first quarter same-store sales, with fine jewelry listed as one of its best-selling categories.
Walmart, meanwhile, had a flat first quarter at its U.S. stores while Kohl’s saw same-store and total sales decline.
Highlights from the first quarter results of all three companies are below.
Walmart
U.S. same-store sales (excluding fuel) were essentially flat in the first quarter ended May 2 for Walmart, as were Sam’s Club sales and the company’s U.S. comps overall.
Net sales for Walmart U.S. rose 2 percent in the first quarter, from $66.55 billion to $67.85 billion.
“Like other retailers in the U.S., the unseasonably cold and disruptive weather negatively impacted U.S. sales and drove operating expenses higher than expected,” said Doug McMillon, president and CEO of Wal-Mart Stores Inc., though he added that the retailer’s underlying business is “solid.”
Walmart said it will continue to invest in its smaller-format Neighborhood Market stores in the U.S.
J.C. Penney
Same-store sales rose 6 percent for J.C. Penney Co. Inc. in what the company described as a “difficult retail environment.”
Total sales also were up 6 percent, from $2.64 billion to $2.80 billion. Net loss, however, climbed from $348 million to $352 million.
In addition to fine jewelry, women’s and men’s apparel and home were the top-performing categories for the retailer.
While gross margin improved year-over-year, increasing from 30.8 percent to 33.1 percent, it is still being impacted by clearance sales, the company said.
“We are very pleased to report that J.C. Penney delivered its second consecutive quarter of comparable store sales growth, as well as continued gross margin improvement,” CEO Myron Ullman III said. “It is clear that our efforts to re-merchandise many areas of the store and revamp our messaging to the customer are taking hold … We expect to carry this momentum into the second quarter as we continue to position the company for long-term profitable growth.”
J.C. Penney forecasts a mid-single-digit increase in same-store sales for the second quarter as well as the full year.
Kohl’s
Kohl’s Corp. saw first quarter same-store decline 3 percent while total sales dropped 3 percent also, from $4.07 billion to $4.12 billion.
Net income was down 15 percent, from $147 million to $129 million.
“We did not achieve our first quarter sales goals but we were encouraged by
Kohl’s ended the quarter with 1,160 stores in 49 states, slightly more than it had at the same time last year. The retailer opened four new stores, relocated one and closed two during the first quarter.
The Latest
He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.
The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.
There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.
A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
Ho Brothers offers scalable solutions for the future of custom jewelry.
The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized 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.
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.