Dive Summary:
- J.C. Penney has announced that same store sales for the retailer rose 10% during the month November.
- The sales figures are a positive development for J.C. Penney as the embattled company continues to strive for a financial turnaround.
- The retailer also announced the company is encouraged by early sales figures from Black Friday sales event totals – both online and in-store.
Dive Insight:
J.C. Penney was recently removed from the S&P 500 after reporting steep sales losses following the failed Ron Johnson era. "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,” said current J.C. Penney CEO Myron Ulman.
Despite the staggering loss in sales, J.C. Penney has remained publicly optimistic about the future of its brand and is hopeful the expected revenue from the holiday shopping season will help turn the tide for the troubled merchant.