Home Improved During JCP Q3

MIKE ULLMAMIKE ULLMA - JCP
PLANO, TEXAS -
While its third quarter loss was bigger than expected, JCPenney made some progress during the period, and management is predicting same store sales will swing back into positive territory during the fourth quarter.
     In home, bedding, bath, window, and house wares showed a strong performance overall, and home is on the rebound online as well. Once the company's strongest ecommerce category, it has climbed back to generate about 50% of the site's sales, ceo Mike Ullman said during the recent quarterly call with analysts.
     "Fixing home has been a challenge," he said. "That also means it brings opportunity for improvement and there's upside in this business, and we are pleased we're moving in the right direction."
     For the quarter ended Nov. 2, net loss widened to $489 million from $123 million in the year-ago quarter. Total sales fell 5.1% to $2.78 billion, with comps down 4.8%. October produced a positive comp of 0.9%, the first month same-store sales ran in the black since December 2011, said Ullman.

Home & Textiles Today Staff | News & Commentary

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