JCPenney Reports First Monthly Sales Increase Since 2011

J.C. Penney Co. (NYSE: JCP) announced its same-store sales rose in October, the first time since December 2011.

Comp-store sales rose 0.9 percent in October, an improvement over the 4 percent decline reported in September.

JCP CEO Mike Ullman, who took over in April after former CEO Ron Johnson was ousted, noted the sales increase was "achieved despite the federal government shutdown and a challenging consumer environment" and the store is looking forward to executing aggressive plans for the holiday shopping season.

The company said improved sales trends in home, men's apparel, and women's accessories contributed to the boost in sales. The store also increased inventory levels in a number of its private label brands, including St. John's Bay and Stafford, and saw a "significant" sales increase with third-party brands including Levi's, Dockers, Nike and Izod, according to the company release.

Online sales also played a factor in the turnaround, with a 37.6 percent increase over last year and home merchandise sales rising more than 50 percent from September 2012.

J.C. Penney's stock climbed 40 cents, or 5.2 percent, to $8.10 in premarket trading on Thursday, Nov. 7.

For more, see:
This J.C. Penney statement
This Washington Post article

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