JC Penney’s same-store sales jump 3% during holiday season

JC Penney’s same-store sales jump 3% during holiday season


J.C. Penney said Thursday morning that its latest initiatives to refresh inventory and focus on key categories (such as women’s and kids’ apparel) are taking hold, as same-store sales climbed more than 3 percent during the November and December months.

The department store chain also reaffirmed its fiscal 2017 outlook, which was lowered earlier this year on account of the need for more discounting and getting to get rid of excess inventory across its stores.

Penney’s stock was climbing more than 4 percent in pre-market trading Thursday on the news.

“We are very encouraged with our overall comp sales performance during the holiday season, which was led by home, beauty and fine jewelry,” CEO Marvin Ellison said in a statement.

The company added that its e-commerce business posted double-digit sales growth during the holiday season, fueled by sales in categories including jewelry, home furnishings, toys and athletic footwear.

“Our ability to execute e-commerce fulfillment from 100% of our brick and mortar stores helped fuel the growth in e-commerce for the holiday season,” Ellison said.

Penney’s stock closed Wednesday up nearly 6 percent, having rallied all week long.

The department store chain will report fourth-quarter and full-year earnings on March 2.



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