News

JC Penney’s Shocking Show Of Strength

While most large department stores spent the week reporting down numbers — notably Nordstrom and Macy’s — and taking a beating in the stock market, J.C. Penney seems to be bucking the trend. Despite its recent reputation for being one of retail’s longest ailing former greats, JCP seems to have life left in it yet.

J.C. Penney reported same-store sales for November and December to have been on the increase 3.9 percent, with a confirmation that earnings had met their $645 million target. With the most recent results, JC Penney is on target to meet its full year predictions for same-store growth of 4 percent to 5 percent.

“Despite unprecedented warm weather that significantly affected apparel sales across the company, our focus on private brands, enhanced omnichannel execution and compelling gift giving selection resulted in strong holiday sales,” said J.C. Penney CEO Marvin Ellison. “I am especially pleased with the accelerated comp sales improvement from November to December, including record online sales for the company during the holiday season.”

Good news to the side, however, Ellison noted that the firm still had much left to do, particularly in regard to building out and enhancing its omnichannel offerings.

“Although we have much work to do, our strengthened omnichannel capabilities enabled our supply chain network to process millions of jcp.com orders this season, supported by 250 stores across the country that helped fulfill online orders using in-store inventory,” Ellison said. “With this level of selection, we saw more online customers take advantage of our in-store pick up option available at over 1,000 J.C. Penney stores nationwide. We look forward to capitalizing on this digital progress through 2016.”

——————————–

Featured PYMNTS Study:

More than 63 percent of merchant service providers (MSPs) want to overhaul their core payment processing systems so they can up their value-added services (VAS) game. It’s tough, though, since many of these systems date back to the pre-digital era. In the January 2020 Optimizing Merchant Services Playbook, PYMNTS unpacks what 200 MSPs say is key to delivering the VAS agenda that is critical to their success.

TRENDING RIGHT NOW