In the fourth fiscal quarter, jewelry was one of the most successful categories at Macy’s, boosted by strong consumer demand and the addition of Pandora boutiques in five of the retailer’s stores.
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During an earnings call on Tuesday, Macy’s CEO Jeff Gennette said, according to transcripts obtained by The Motley Fool, that the company launched Pandora in five stores in November. “The fine-jewelry business in those stores saw an incremental 23% increase in sales growth over 2019 from the new assortment.”
According to Gennette, the Pandora stores, which are currently located in Texas, New York, and Atlanta, bring in younger customers to Macy’s stores. As a result, Macy’s plans to increase the number of Pandora stores to 28 locations this year, according to him.
According to Macy’s, the strength of the jewelry and other luxury categories contributed to results that exceeded expectations. Sales in owned and licensed stores that have been open for at least a year increased by 28 percent, to $8.67 billion, in the three months ending January 29, while comparable-store sales increased by 28 percent, to $8.67 billion.
According to Gennette,“Categories that were solid throughout the pandemic, including home, fragrances, jewelry, watches and sleepwear, continued to see strong sales performance,” “Results were driven by strong sales of luxury handbags, fine jewelry, men’s shoes and contemporary, fragrances and home.”
According to the executive, the company’s Bloomingdale’s department store chain, which is popular with affluent customers, continued to see strong jewelry sales throughout the third quarter.
It will concentrate on furniture, tailored men’s clothing, shoes, cosmetics, dresses and jewelry, as well as timepieces, which have all maintained their popularity in recent years. According to the company, it intends to expand those categories in order to increase their appeal to customers.
Full-year sales increased 41 percent to $24.46 billion, while Macy’s reported a profit of $1.43 billion, a significant improvement from the company’s projected loss of $3.94 billion in 2020.
