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JCPenney Anticipates 4Q Same-Store Sales Rose 2%

Feb 4, 2014 8:18 AM   By Jeff Miller
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RAPAPORT... J. C. Penney Company Inc., which has experienced a 71 percent year-on-year decline in its share price, provided a preliminary sales recap for the fourth quarter. Same-store sales for the months of November and December rose 3.1 percent year on year and they increased 2 percent for the entire fourth quarter that ended on January 31. 

Online sales at rose 26.3 percent. Strong sales categories for the Christmas period included Sephora, activewear, sweaters, outerwear, dresses, boots, men's clothing and luggage.

JCPenney closed the fiscal year with  liquidity in excess of $2 billion, according to a statement. The retailer will provide official results on February 26. Shares in JCPenney closed 4 percent lower on February 3 on the New York Stock Exchange at $5.68.

"While 2013 brought a lot of change and challenges to JCPenney, the steady improvements in our business show that the company's turnaround is on track. In spite of the significant headwinds facing all retailers this season, including unprecedented harsh weather conditions in many parts of the country, we delivered on our promise to generate positive comparable store sales growth in the fourth quarter," said Myron E.  Ullman, III, the CEO of  JCPenney.

Tags: jcpenney, Jeff Miller, outlook, results, same-store sales, share price
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