Does November’s Sales Increase Mean JCPenney’s Turnaround is Complete?

Dec 03, 2013 4:44 PM  By

It’s like the skies over Plano opened today, and a big ray of sunshine came down upon JCPenney’s headquarters. For the first time in 28 months, JCPenney’s same-store sales increased vs. the prior years.

Take a bow, JCPenney, you deserve it!

JCPenney announced today that it’s same-store sales were up 10.1% compared to November 2012.

Ecommerce is up, too, but JCPenney did not release the exact amount in today’s update.

Here’s the holiday guidance JCPenney sent to investors today:

PLANO, TX — (Dec. 3, 2013) — J. C. Penney Company, Inc. (NYSE: JCP) (the “Company”) today provided a preliminary update on the Company’s performance for the fiscal month ending November 30, 2013. During that period, which includes the important Thanksgiving weekend, the Company’s comparable store sales grew 10.1 percent over last year. The Company also noted that its e-commerce sales through continued to be strong, running well ahead of last year, consistent with last month’s trend.

“We are pleased with our performance over the Thanksgiving holiday weekend, particularly in light of the continued spending pressures on consumers. The combination of our great merchandise and compelling promotions put us in a position to succeed in a highly competitive environment, and our teams executed very well,” said Myron E. (Mike) Ullman, III, Chief Executive Officer of JCPenney.

Based on sales trends through the weekend, the Company is encouraged by the early performance of its giftable items, especially among its private brands such as Modern Bride(TM), St. John’s Bay® and a.n.a®, and a range of national brands. The Company also noted that customers took advantage of exciting promotions for gift buying for their loved ones as well as for themselves.

Mr. Ullman continued, “The traffic and conversion we saw both in stores and online this weekend was exciting for everyone across our organization. We know the environment will remain as competitive as ever, and we are all working to maintain our momentum through the Holiday season.”