Struggling retailer J.C. Penney revealed some positive financial results this week: a same-store sales increase of 0.9 percent for October—“marking a 490 basis point increase over September,” according to a company release. Year-over-year online sales for October also increased 37.6 percent.
CEO Myron (Mike) Ullman III credits the progress to customer feedback to promotional events; improved levels of inventory, particularly in the home category, which experienced the largest sales increases (year-over-year 50 percent) last month; and the October openings of 30 new Sephora in-store boutiques, bringing the total to 446 locations.
“J.C. Penney 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,” he told the media in a release. “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.”
Third quarter earnings will be released on Wednesday, Nov. 20, followed by a live conference call and webcast conducted by Ullman and chief financial officer Ken Hannah. It will begin at 8:30 a.m. EST.
To access the call, dial 866-318-8617 and reference 56471359 for the participant code or visit the company’s investor relations website at ir.jcpenney.com.