J.C. Penney (NYSE: JCP) shared good news on Tuesday, Dec. 3, reporting a 10 percent rise in same-store sales for the month of November. This second straight month of growth was driven by a successful Thanksgiving weekend, aggressive promotions and the introduction of in-house brands that attracted shoppers at the start of the holiday shopping season.
"We are pleased with our performance over the Thanksgiving holiday weekend, particularly in light of the continued spending pressures on consumers," CEO Myron E. Ullman III said in an earnings statement.
In the earnings report, the company also reported a strong Black Friday weekend and e-commerce sales that ran "well ahead of last year."
The November sales report came after Penney's announced that its comp-store sales rose 0.9 percent in October, marking the company's first monthly same-store sales gain since December 2011.
J.C. Penney has undergone a series of turnaround efforts as the struggling retailer aims to rebound in a competitive retail environment. The company said that it was encouraged by the early performance of "giftable items" in November, particularly among its private brands such as St. John's Bay, as well as national brands.
Just recently, the Plano, TX-based company was dropped from the Standard & Poor's 500 Index due to its plummeting value. For the third quarter, J.C. Penney reported another quarterly loss due to tumbling sales, continuing the company's downward spiral that began during an ill-fated transformation under former CEO Ron Johnson, who was fired in April.
Despite the sales gain, J. C. Penney stock fell 2.8 percent to $9.83 in early trading Wednesday, Dec. 4.
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