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J.C. Penney’s 3Q Revenue +5%, Loss Cut to $137M

Nov 15, 2015 4:32 AM   By Rapaport News
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RAPAPORT... J.C. Penney reported that revenue increased 5 per cent to $2.9 million year on year in the third quarter that ended October 31. Same-store sales increased 6 per cent.

The company cut its loss by 27 percent to $137 million, according to a statement by the U.S. department store chain. The gross margin was flat at 37 percent. Inventory increased 9 percent to $3.7 billion on October 31 relative to the comparable date last year.

Sales for the nine months to October rose 3 percent to $8.6 billion year on year, with the net loss reduced 38 percent to $442 million. Guidance on full-year comparable store sales was unchanged, with the company expecting an increase of 4 percent to 5 percent on 2014, according to the statement.

Texas-based J.C. Penney has 1,020 stores, according to the statement. Fine jewelry made up 7 percent of sales, or around $860 million, in the fiscal year ended in January 31, according to the company’s 2014 annual report.

All merchandise divisions had “positive” comparable sales increases over last year, with men's, home, footwear, handbags, and the Sephora beauty products brand among the top-performing divisions, according to the statement.

The U.S. retailer also unveiled its marketing theme for the holiday season last week, focusing on the “joy of giving and receiving the perfect gift.”

"When it comes to gift giving, we believe there's a difference between simply picking something up and thoughtfully picking something out,” chief customer and marketing officer Mary Beth West said.

"This season, we're focused on making J.C. Penney a source of discovery and inspiration, and helping customers in their quest to find the perfect gift for everyone on their list.”

The sales push begins with Thanksgiving Day on November 26, when the retailer will open its stores at 3pm ahead of Black Friday, the traditional curtain raiser to the holiday retail season the following day.
Tags: black friday, holiday season, holidays, J.C. Penney, jcpenney, Rapaport News, retail
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