JCPenney reports 3.4% boost in comparable store sales for the holiday season
J.C. Penney Company, Inc. has announced a 3.4% increase in comparable store sales for the combined nine-week period ending December 30, 2017 over the same period in the previous year.
In a release published this Thursday, Marvin R. Ellison, chairman and chief executive officer of JCPenney, commented "We are very encouraged with our overall comp sales performance during the holiday season, which was led by home, beauty and fine jewelry.” He also underlined the success of the company’s e-commerce business which has been experiencing double-digit sales growth compared to the previous year, led by popular gift categories such as fine jewelry, boots and athletic footwear. Among the reasons for the boost in online sales over the holiday period, Ellison highlighted the importance of the company’s capacity to carry out e-commerce fulfillment at any JCPenney brick-and-mortar store. The brand’s CEO concluded “We remain confident that our strategic initiatives are taking hold and resonating with customers," reemphasizing the company’s commitment to “operating the business for growth, while providing our customers more reasons to shop and experience everything JCPenney has to offer.” With traditional retailers investing heavily in new technology, the sector experienced record-breaking sales during the 2017 holiday season. The best performing companies were those that most fully integrated the online and in-store experiences through services such as online order pick-up at brick-and-mortar stores, with a spokesman for Target reporting a notable increase in footfall for this very reason to Reuters. JCPenney is one of the nation’s largest apparel and home furnishings retailers, operating a network of 875 stores throughout the US and Puerto Rico, as well as its e-commerce site. The company also confirmed its most recent full-year financial guidance for fiscal 2017.