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RAPAPORT... J. C. Penney Company Inc. informed investors after the market closed today that its preliminary comparable-store sales for November rose 10.1 percent year on year. The beleaguered retailer was eager to share the news following two years of dramatic sales declines. JCPenney's share price closed flat for the day in New York, but it was down 42 percent year on year at $10.11 per share. The retailer also stated that ecommerce sales, through jcp.com, remained strong and consistent with a double-digit increase observed in October. "We are pleased with our performance over the Thanksgiving holiday weekend, particularly in light of the continued spending pressures on consumers. The combination of our great merchandise and compelling promotions put us in a position to succeed in a highly competitive environment and our teams executed very well," said Myron E. (Mike) Ullman, III, JCPenney's CEO. Based on sales trends through the weekend, JCPenney said it was encouraged by the early performance of its giftable items, especially among its private brands, such as Modern Bride(TM), St. John's Bay® and a.n.a®, and a range of national brands. Ullman said, "The traffic and conversion we saw both in stores and online this weekend was exciting for everyone across our organization. We know the environment will remain as competitive as ever, and we are all working to maintain our momentum through the holiday season."
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