The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.
JC Penney Will Close 27 Stores in Q2
The news follows a better-than-expected fourth quarter, in which jewelry was a top performer.
Plano, Texas— J.C. Penney Co. Inc. will close nearly 30 underperforming stores in Q2 as the retailer continues to try to turn its business around following a fourth quarter that was slightly better than expected.
Fourth-quarter revenue totaled $3.79 billion, ahead of analyst estimates of $3.78 billion, but still a more than 8 percent drop compared with $4.14 billion a year ago.
Same-store sales in the fourth quarter dipped 4 percent, just slightly less than analysts had expected.
Jewelry, women’s apparel, children’s apparel and men’s apparel were the company’s top-performing divisions. Jewelry was an especially bright spot on the balance sheet, delivering double-digit comps.
For the full year, revenue dipped nearly 7 percent to $12.02 billion, compared with $12.87 billion a year ago, as same-store sales fell more than 3 percent.
The company posted a $255 million net loss.
Full-year highlights include boosting its partnerships with Nike, Adidas, Champion and Puma, and reducing inventory levels by more than 13 percent.
The retailer did not provide any forecast for 2019 but did give some insight into its turnaround plan for the year.
It includes closing 18 department stores and nine home and furniture stores, which have performed “significantly below” other locations.
Affected employees will receive separation benefits, including job assistance and outplacement services, like resume guidance and interview preparation.
The stores are expected to close in the second quarter of 2019 and cost the retailer an estimated pre-tax charge of $15 million.
CEO Jill Soltau noted the company has “already taken meaningful steps to drive improvement in key businesses such as women’s apparel, active apparel, special sized apparel and fine jewelry.”
The company announced in a blog post earlier this month that it will stop selling major appliances at the end of February “in order to better meet customer expectations, improve financial performance and drive profitable growth.”
In addition, furniture will only be sold online and in select stores in Puerto Rico.
The freed-up space will be dedicated to goods with higher margin opportunities in its “legacy” categories, which include apparel and soft home furnishing.
The retailer has also begun filling some empty seats in the boardroom, including hiring Michelle Wlazlo, a former senior vice president of apparel and accessories at Target, as its chief merchant officer.
John Welling, former senior vice president of merchandise operations for The Michaels Companies, will serve as senior vice president, planning and allocation.
Mark Stinde, former vice president of asset protection at
The retailer is still looking for a chief financial officer, principal accounting officer and a chief customer officer, a company spokesperson confirmed.
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.