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FinancialsJan 07, 2015
JC Penney’s holiday comps climb
J.C. Penney reported that same-store sales rose 4 percent in Nov. and Dec. and said that it plans to close only a very small percentage of its stores this year.
Plano, Texas--J.C. Penney reported Tuesday that November- December
same-store sales were up 4 percent year-over-year and followed that
announcement with news that it plans to close only a very small
percentage of its stores this year.
CEO Myron E. Ullman III said
that he believes that customers were responding to the retailer’s
“combination of great merchandise and compelling promotions this holiday
season.”
The company said that it now expects to its fourth
quarter comps to come in at the upper end of its guidance range of 2 to 4
percent.
After giving a brief update on holiday sales Tuesday,
J.C. Penney announced Thursday that it would close 40 stores across the
country in early April, the result of the completion of its annual store
review, Women’s Wear Daily reported. The closures will affect
approximately 2,250 store employees.
According
to WWD, J.C. Penney, which operates a total of 1,060 stores, doesn’t
plan to shutter more than 40 locations this year, though it also doesn’t
have plans to open any new stores. The last new location that the
retailer added to its lineup was in Brooklyn, N.Y.
The
holiday season sales update and store closures news follows a third
quarter that saw comps fall flat for J.C. Penney, though the retailer
reported that fine jewelry was one of the top performers during the
period.
The category remains one of focal points for the company as it continues to push for a return to profitability.
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