J.C. Penney Q4 Comps Up; First Quarter Gain in Nearly Three Years
February 4, 2014,
PLANO, Texas-For the first time since the second quarter of 2011, J.C. Penney posted a quarterly same-store sales gain, with same-store sales up 2.1 percent for its fiscal fourth quarter.
The department-store retailer added that same-store sales for the combined November-December period rose 3.1 percent over the same period from the previous year. J.C. Penney also scored an increase of 26.3 percent in sales at jcp.com. Total available liquidity at the end of the fiscal year was more than $2 billion, the company added.
Myron Ullman III, J.C. Penney's CEO, said the results demonstrate that the retailer's turnaround is on track. "In spite of the significant headwinds facing all retailers this season, including unprecedented harsh weather conditions in many parts of the country, we delivered on our promise to generate positive comparable-store sales growth in the fourth quarter," Ullman said.
J.C. Penney will release its fourth-quarter and fiscal-year results on Feb. 26. "As we look ahead to 2014, our associates are encouraged by the company's results, and we remain steadfast in our focus to build on these achievements and return to profitable growth," Ullman said.