SourcingJul 06, 2026
Gemfields CEO Sean Gilbertson Steps DownAfter eight years, Gilbertson is leaving his post at the mining company, which is currently facing a slew of operational challenges.
FinancialsNov 20, 2013
Earnings roundup: Jewelry does well at JC Penney
Fine jewelry was one of the top sellers at J.C. Penney in the third quarter, a quarter in which the retailer saw signs of improvement, recording its first same-store sales increase in almost two years.
New York--Fine jewelry was one of the top sellers at J.C. Penney in the third quarter, a quarter in which the retailer saw signs of improvement, recording its first same-store sales increase in almost two years.
Quarterly same-store sales fell but comps trended up in October, and J.C. Penney CEO Myron Ullman III said they are “encouraged” by sales results in the early weeks of November.
Highlights from J.C. Penney’s financial results for the third quarter, as well as quarterly results for T.J. Maxx and Marshalls and Target, are below.
J.C. Penney
Same-store sales fell 5 percent in the third quarter ended Nov. 2 for J.C. Penney Co. Inc., compared with a comp decline of 26 percent in the third quarter 2012.
J.C. Penney said the quarter ended with a same-store sales increase of 0.9 percent in October, as previously announced, and sales improved each month during the quarter.
Total sales fell 5 percent from $2.93 billion to $2.78 billion. Online sales totaled $266 million, up 25 percent year-over-year. In addition to fine jewelry, women’s and men’s apparel were the company’s top performing divisions.
Net loss more than tripled, growing from $123 million to $489 million. Gross margin fell from 32.5 percent to 29.5 percent due to clearance sales and the return of sales in general, which disappeared temporarily under former CEO Ron Johnson.
“Our strategies to reconnect with customers are beginning to take hold, and this became increasingly clear as the quarter progressed,” Ullman said. “We are proud of the company’s October sales performance, encouraged by the early weeks of November, and believe we are making strides toward a path to long-term profitable growth.”
The company expects positive same-store sales for the fourth quarter.
The TJX Companies
Marmaxx, the division of the TJX Companies Inc. that operates T.J. Maxx and Marshalls stores in the U.S., reported a 4 percent increase in same-store sales in the third quarter ended Nov. 2. Total sales were up 8 percent from $4.16 to $4.48 billion.
Total same-store sales for the TJX Companies, counting its stores in Europe and Canada, increased 5 percent while total sales hit $6.98 billion, up from $6.41 billion in the prior-year period, a 9 percent increase.
Net income for the third quarter rose from $461.5 million last year to $622.7 million this year.
CEO Carol Meyrowitz called the company’s third quarter results “robust” and said
the company now expects its fiscal year same-store sales to increase 3 percent based on its third quarter performance.
The company, however, expects same-store sales to grow only 1 to 2 percent in the fourth quarter due to the holiday shopping period being six days shorter this year.
T.J. Maxx ended the quarter with 1,075 stores in the U.S., up from 1,052, while Marshalls now has 941 locations, up from 914.
The company said it plans to eventually have a total of 3,000 stores in its Marmaxx division in the U.S. and a total of 450 Winners, HomeSense and Marshalls stores in Canada, up from 325 now.
Target
United States same-store sales essentially were flat in the third quarter for Target Corp. while total sales increased 2 percent from $16.6 billion to $16.9 billion. Seasonal markdowns led to a decrease in the gross margin rate, from 30.3 to 30 percent.
Target began opening stores in Canada this fiscal year, with sales reaching $333 million at a gross margin rate of 14.8 percent due to the clearance of excess inventory.
Total sales, including both stores in the U.S. and Canada, reached $17.26 billion, up 4 percent from $16.60 billion.
Target opened a total of 32 stores in the third quarter, nine in the U.S. and 23 in Canada. The Minneapolis-based retailer announced earlier this month that all of the Canadian stores scheduled to open this year will be operational by the end of this week. Target will have 124 stores in the country by years’ end.
More on Financials
The Latest
IndependentsJul 06, 2026
Bachendorf’s To Open Fifth Store In DallasThe new location is set to open this winter, featuring the retailer’s first rotating jewelry designer residency.
MajorsJul 06, 2026
Graff Names BTS Star Jung Kook as New AmbassadorThe pop artist appears in the latest campaign for the “Laurence Graff Signature” collection.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
CollectionsJul 06, 2026
Pandora’s New Baroque Pearl Collection Is a Whimsical ‘Wonder’One-of-a-kind pearls take the shape of ice cream cones, frogs, submarines, and other imaginative charms.
Weekly QuizJul 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJul 02, 2026
London Diamond Bourse Elects First Female PresidentCharlotte Rose said her election is “a sign that this is an industry capable of change.”
Supplier BulletinJul 02, 2026
Elevating Retail Showcases with Today's Necklace & Bracelet TrendsSponsored by Rio Grande Jewelry Supply
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
TrendsJul 02, 2026
Oscar Heyman’s Flag Brooch Celebrates AmericaThe American jewelry house, founded by Latvian immigrants, has been creating American flag brooches since 1917.
IndependentsJul 02, 2026
D. Geller & Son Partners with KSU Art Students on Store MuralThe artwork celebrates the Atlanta jeweler’s legacy and symbolizes its commitment to supporting local artists and its community.
Events & AwardsJul 02, 2026
Stratus Estate Buyers Offers Jewelers Turnkey Buying EventsIts team can evaluate jewelry and watches, as well as luxury handbags, artwork, and collectibles.
SurveysJul 01, 2026
Consumer Confidence Ticks Up in JuneFalling oil prices were a factor in the slight month-over-month improvement.
CollectionsJul 01, 2026
Rio Grande Launches First Finished Bridal CollectionThe new offering comprises more than 120 bridal and engagement ring styles with natural and lab-grown diamonds.
WatchesJul 01, 2026
Rolex Unveils Clock at Rockefeller CenterThe clock is part of the celebration for the soon-to-open Rolex headquarters on New York City’s Fifth Avenue.
IndependentsJul 01, 2026
Kristen Cannon of Valobra Master Jewelers Dies at 49The public relations professional is remembered for her benevolent generosity and unwavering commitment to those around her.
WatchesJun 30, 2026
Pokémon Fans Will Want to Catch This New G-Shock WatchThe new watch commemorates Pokémon’s 30th anniversary.
MajorsJun 30, 2026
Saks Global Emerges From Bankruptcy With New NameThe luxury retailer is now called Exemplar Luxury Group.
CollectionsJun 30, 2026
Jade Ruzzo’s New Collection Embodies the Art of Being a LadyThe “Lady” collection is a new take on old beauty standards with gemstone-adorned hair pins and combs, a compact mirror necklace, and more.
SourcingJun 30, 2026
Blue Nile Introduces Montana Sapphire CollectionThe new line is included in the e-tailer’s curation of jewelry celebrating America’s 250th anniversary.
GradingJun 30, 2026
AGS Opens 2026 Recertification ExamAll active members who earned their credential or designation before Dec. 1, 2025, are required to recertify.
CollectionsJun 29, 2026
Briony Raymond’s New Collection Is a ‘Carousel’ of Hard StonesThe new jewelry collection uses a colorful palette of onyx, malachite, tiger’s eye, mother-of-pearl, lapis, turquoise, and coral.
IndependentsJun 29, 2026
Look Inside Lee Michaels’ Revamped Mississippi FlagshipLee Michaels Fine Jewelry is celebrating 30 years in the Ridgeland, Mississippi community.
GradingJun 29, 2026
National Rarities Announces New Gemology ManagerSean Milliner has joined the company.
GradingJun 29, 2026
GIA to Open New London CampusClasses will begin in August at GIA’s new Canary Wharf location.
AuctionsJun 26, 2026
‘Hogback’ Diamond Ring Finds a New Home A ring set with “hogback” diamonds, an early stone cut dating to around the 16th century, sold for more than $20,000 at a U.K. auction.
CollectionsJun 26, 2026
Strength Is Sharpened Into Beauty in Kris Averi’s ‘Prism Thorn’ RingThe rainbow version of the ring, our Piece of the Week, features angel-cut, octahedral lab-grown sapphires designed to be worn as armor.
MajorsJun 26, 2026
Rembrandt Charms Debuts ‘Charms That Give Back’The new initiative donates a portion of the proceeds from select charms to charitable causes.
