Home Leads the Way as J.C. Penney Reports Sales Progress in October
PLANO, Texas-Significant improvement in sales of home products, both in the stores and online, were a major factor in J.C. Penney's overall sales growth for the month of October, according to a statement from the retailer.
As a whole, same-store sales were up 0.9 percent last month, a 490 basis-point gain over September and the first month of positive same-store growth since December 2011. Also, sales at jcp.com rose 37.6 percent from October 2012. J.C. Penney said it "continues to make progress in the remerchandising and reconfiguration of its home department both in stores and online to better reflect how customers shop, while highlighting its most compelling brands and price points."
The company added that sales of home merchandise online jumped more than 50 percent from October of last year. Home sales constituted nearly half of jcp.com's total sales last month, the company said.
In addition, J.C. Penney said October's sales gain owed to its restoration of inventory levels in key private brands, including St. John's Bay, Stafford and jcp Home. National brands such as Levi's, Nike, Carter's, Dockers, Alfred Dunner, Vanity Fair and Izod also contributed noticeable sales increases.
With the October results, "we believe the company is on the right track to return to long-term profitable growth," said Myron Ullman III, J.C. Penney's CEO. Ullman added that the company achieved these results in spite of the federal government shutdown and the challenging consumer economy.