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FinancialsMar 02, 2015
Kmart, JC Penney report strong jewelry sales
In a fourth quarter that was overall very lackluster for department stores, these two retailers listed jewelry as among their top sellers for the holiday season.
This shot shows the fine jewelry department inside J.C. Penney’s store in Brooklyn, N.Y. The Plano, Texas-based retailer reported a 4 percent increase in total comps in Q4 and said fine jewelry was one of its top sellers.
New York--While the fourth quarter and full year were not outstanding for department stores, some fared better than others and two even highlighted fine jewelry sales as among their strongest-performing categories for the holiday season.
Among the department stores that have reported their fourth quarter and full year results so far, Nordstrom seemingly turned in the strongest results.
The Seattle-based retailer reported that same-store sales increased 5 percent year-over-year in the fourth quarter ended Jan. 31 while total sales increased 9 percent from $3.61 billion to $3.94 billion.
For the fiscal year, same-store sales rose 4 percent.
Total sales were up 8 percent from $12.17 billion to $13.11 billion, with the company opening 30 new stores, 27 of them Nordstrom Rack stores and also the first Nordstrom in Canada. The retailer also acquired TrunkClub.com, a personal stylist website for men, and launched NordstromRack.com.
Gross profit, however, declined for both the fourth quarter and fiscal year due to increased markdowns.
Sears continues to struggle, with fourth quarter same-store sales dropping 4 percent year-over-year, comprised of a 2 percent decline at Kmart, which did report jewelry as one of its top-performing categories, and a 7 percent drop at Sears Domestic.
Total sales for the quarter fell 24 percent from $10.59 billion to $8.10 billion.
The company’s results suggest that Sears will keep shrinking its store footprint, with Chief Financial Officer Rob Schriesheim remarking that “We are continuing our efforts to develop Sears Holdings as a membership company, without the significant asset liability of its traditional retail business.”
The company closed about 234 stores in 2014, the majority of which were underperforming Kmarts, and said it aims to migrate those customers who shopped at now-closed stores to “alternative channels.” Despite the closures, Sears Holdings still operates more than 1,700 stores.
For the full year, comps declined 2 percent: 1 percent at Kmart, which reported strong jewelry sales for the year as well, and 2 percent at Sears Domestic.
Total sales were down 14 percent from $36.19 billion to $31.20 billion. Net loss for the full year grew from $1.37 billion to $1.68 billion.
Fine jewelry was one of the top-performing categories in the fourth quarter for J.C. Penney Company Inc., which recorded a 4 percent increase in fourth quarter comps and a 3 percent increase in total sales, from $3.78 billion to $3.89 billion.
For the full year, same-store
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sales were up 4 percent and total sales rose from $11.86 billion to $12.26 billion, a 3 percent increase, and J.C. Penney was able to almost cut its losses in half, with net loss for the year shrinking from $1.39 billion to $771 million.
CEO Myron E. Ullman III called it a “successful year” for the recovering retailer, which will be led by incoming CEO Marvin Ellison, a former executive at The Home Depot, starting in August when Ullman steps down as CEO.
At Macy’s Inc., fourth quarter and full-year results were fairly flat.
Same-store sales increased 3 percent in the fourth quarter with total sales up 2 percent, from $9.20 billion to $9.36 billion.
For the full year, same-store sales were up 1 percent while total sales climbed less than 1 percent, from $27.93 billion to $28.11 billion. Net income for the year increased from $1.49 billion to $1.53 billion.
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