JCPenney (NYSE:JCP) announced that its same-store sales for November and December rose 3.9 percent, amounting to a 7.6 percent increase for a two-year period.
Although the holidays were marked with unseasonably warm weather, JCPenney blew away other department stores, including Macy's (NYSE:M), which announced yesterday that it would close 40 stores and make major staff changes in an effort to reduce costs and shift focus to omnichannel strategies.
"Despite unprecedented warm weather that significantly affected apparel sales across the company, our focus on private brands, enhanced omnichannel execution and compelling gift-giving selection resulted in strong holiday sales. I am especially pleased with the accelerated comp sales improvement from November to December, including record online sales for the company during the holiday season," JCPenney CEO Marvin Ellison told StreetInsider.
Ellison said that more customers took advantage of the brand's buy online, pick up in store option and that JCPenney was able to support its online orders by fulfilling them with help from in-store inventory across 250 locations.
In the end, JCPenney posted its ninth straight quarter of growth, reported Fortune. It seems the company's turnaround plan is paying off and it's winning back market share lost to Macy's and Kohl's four years ago when it attempted to show a more upscale product mix.
One positive move that helped over the holiday season was the increase of inventory, so that customers were not left empty-handed over the busy Black Friday weekend. In addition, the company overhauled its omnichannel operations and expanded its private brands portfolio.
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