Home / Knowledge / News / Apparel/Garments / JC Penney posts positive comparable store sales in Oct
JC Penney posts positive comparable store sales in Oct
08
Nov '13
J. C. Penney Company, Inc. reported that it continues to make meaningful progress in its turnaround and provided an update on the Company's performance.  Preliminary highlights include:

- Same store sales increased 0.9 % in October, marking a 490 basis point increase over September

- Sales on jcp.com increased 37.6 % versus last year, a continuation and acceleration of the positive trend in the Company's online business

- Conversion continues to improve in October compared to last year, reflecting favorable customer response to promotional events and improved inventory levels

"JCPenney has made significant progress in addressing the challenges it faces, and we believe the Company is on the right track to return to long-term profitable growth," said Myron E. (Mike) Ullman, III, Chief Executive Officer of JCPenney.

"We are proud of our October sales improvement, which we achieved despite the federal government shutdown and a challenging consumer environment. Not only did we deliver positive same store sales for the first time since December of 2011, we also saw significantly improved sales trends in Home and Men's apparel, as well as Women's accessories."

The Company attributes its improved sales trends to the restoration of inventory levels in key private brands, including St. John's Bay, Stafford, and jcp Home, and significant sales increases in Levi's, Nike, Carter's, Dockers, Alfred Dunner, Vanity Fair and IZOD, some of the Company's largest national brands.

The Company also continues to make strides in the remerchandising and reconfiguration of its Home department both in stores and online to better reflect how customers shop while highlighting its most compelling brands and price points. These changes are beginning to resonate, as Home saw the largest percentage sales increase among the Company's divisions in October.

The Company is encouraged by the performance of jcp.com, which was up 37.6 % in October, continuing and accelerating the positive trend of the last several months across all merchandise divisions. 

Sales of Home merchandise online were up over 50 % from last year.  Overall, sales in Home categories constituted almost half of the total .com sales in October.  Women's, Men's and Children's apparel were also strong performers online during the month, with Children's benefiting from the Company's launch of Disney toys, role play and fashion apparel for kids.

The Company also opened 30 new Sephora inside JCPenney locations in October, bringing the total to 446 locations.

Overall, gross margin for the third quarter was negatively impacted by lower clearance margins due to the overhang of inventory from the first two quarters of the year, higher levels of clearance units sold, as well as the Company's transition back to a promotional pricing strategy.  The Company noted, however, that gross margin showed sequential improvement within the quarter, with October representing the highest margin levels of the quarter.

Mr. Ullman continued, "As the turnaround is progressing, we are focused on restoring a compelling mix of private, exclusive and national brand merchandise that better resonates with our customer and results in fewer markdowns at the end of the selling season."

JC Penney

Must ReadView All

Pakistan's Finance Minister Mohammad Ishaq Dar presenting Budget 2017-18 in National Assembly in Islamabad on May 26. Courtesy: PID, Pakistan

Textiles | On 27th May 2017

Pakistan Budget 2017-18 proposes 4 new measures

To support the textile sector in Pakistan, finance minister Mohammad...

Courtesy: IRRC Institute

Apparel/Garments | On 27th May 2017

Up to 7.5 mn retail jobs in US at risk due to automation

About 6-7.5 million retail jobs in the US are likely to be automated...

Textiles | On 27th May 2017

Indian textiles ministry promotes wool sector

The ministry of textiles has taken multiple steps to promote the wool ...

Interviews View All

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search