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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.
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Tags:
black friday, holiday season, holidays, J.C. Penney, jcpenney, Rapaport News, retail
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