Retail Roundup—JCPenney cutting 360 jobs; Best Buy online sales soar 18%

JCPenney
JCPenney announced the cut of 360 jobs. (Image: JCPenney)

JCPenney cutting 360 jobs

JCPenney announced it would cut about 360 jobs at its headquarters and store locations. The news came as the retailer missed analysts' expectations for the quarter and in hopes of saving between $20 million and $25 million annually. (USA Today)

Best Buy's online sales soar 18%

Best Buy's online sales increased 17.9% over the holiday period, beating analysts' estimates for revenue. The boost led to the best sales performance in more than a decade, delivering to a needed boost in the retailer's turnaround plan. (Bloomberg)

Women's fashion retailer launches subscription box

Online women's fashion retailer Monroe & Kent has launched My Style Bag, a monthly subscription service. Every month, subscribers will be able to choose two pieces of clothing from up to 100 options, which include tops, dresses, pants, jeans, skirts, jumpsuits, rompers and more. (PR Newswire)

Gap brands catching up Old Navy

Holiday sales went well past analyst estimates due to a hike in same-store sales for several of the Gap brands. Old Navy, the top selling brand, saw same-store sales rise 9%, beating out the estimates of 3.4%. (Reuters)

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