November Surprise: JCPenney Posts 10% Increase in Comp Sales

JCPenney's flagship on 33rd Street, Manhattan

JCPenney’s flagship on 33rd Street, Manhattan

Plano, TX—JCPenney has posted a 10% increase in comparable store sales in November, as the struggling department store retailer continues with efforts to turn around its business.

During the month ending Nov. 30, which included the Thanksgiving/Black Friday weekend, e-commerce sales were also strong, the retailer said, running well ahead of last year.

Pleased with Black Weekend Results

“We are pleased with our performance over the Thanksgiving holiday weekend, particularly in light of the continued spending pressures on consumers,” said CEO Mike Ullman. “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.”

Last month, Ullman said JCPenney’s turnaround was beginning to take hold, after comp stores sales edged up 0.9% in October—the first rise in almost two years.

The company has returned to a more promotional stance after earlier turnaround efforts led by former CEO Ron Johnson failed to gain traction.

“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,” Ullman said.

JCPenney released the November sales stats late Tuesday and the positive news sent the retailer’s share up about 5% in after-hours trading.

 

Like this? Share it!