January was a profitable month for three leading US department store chains. Nieman Marcus, Saks and J.C. Penney all reported profits, most notably in their jewelry departments.
Saks posted a high sales increase of 8 percent, comparable to last year, and store sales increased 7 percent in the January four week period. Saks Fifth Avenue saw their biggest sales in the women’s designer and “gold range” apparel merchandise categories, handbags, men’s shoes and, of course, fashion jewelry, such as diamond earrings and diamond rings.
Source: Dept of Commerce
Sales in precious jewelry helped Nieman Marcus post an 8.3 percent rise in total revenues for the four-week period in January. It also posted a 6.8 percent increase in revenues comparable to last year, which may signify an upsurge in US department store economies. Though there are other high-performing merchandise sectors such as men’s clothing, women’s apparel and dresses, handbags and shoes, precious jewelry remains one of the most lucrative merchandise categories for these department stores.
J.C. Penney posted the smallest store increase of the three department stores, perhaps because its market is not as geared towards the higher income brackets of Nieman Marcus and Saks. J.C. Penney also posted a 4.4 percent decrease in total company sales, but women’s apparel and fine jewelry remained the top merchandising divisions.