Fine Jewelry a Bright Spot for Macy’s

RAPAPORT… Macy’s noted strong sales of higher-end jewelry during the
holiday season, though lower-priced items were weaker.


Fine jewelry was one of seven categories the retailer
highlighted for their positive performances during November and December.
However, sales of fashion jewelry and fashion watches missed expectations, it
added in the holiday-sales update Thursday.


The department store lowered its full-year outlook for group sales
and earnings as growth was slower than it had anticipated. Macy’s
comparable-store sales increased 0.7% at the stores it owns, and rose 1.1% at
all branches, including licensed ones. Its stock fell 19% in early trading
Thursday.


“The holiday season began strong, particularly during Black
Friday and the following Cyber Week, but weakened in the mid-December period
and did not return to expected patterns until the week of Christmas,”
said Macy’s chairman and CEO Jeff Gennette.


Image: A Macy’s store in Rancho Cucamonga, California. (Macy’s)