Can J.C. Penney See a Comeback?
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J.C. Penney is a retailer operating more than 1,000 department stores in just about every state in the United States and Puerto Rico. Its business consists of selling merchandise and services to consumers through its department stores and website. It sells family apparel and footwear, accessories, fine and fashion jewelry, beauty products through Sephora, and home furnishings. The company has not done too well in recent years, but it is doing what it can to be a top provider of apparel and related products.
J.C. Penney, the department-store chain working to reverse more than two years of losses, posted its first quarterly same-store sales gain since 2011 after Chief Executive Officer Mike Ullman increased discounts. Sales at locations open at least a year rose 2 percent in the fiscal fourth-quarter, which runs through January, the Plano, Texas-based company said today in a statement. Same-store sales climbed 3.1 percent in the nine weeks through November and December, J.C. Penney said. Ullman has halted the decline in J.C. Penney’s sales by reviving popular private-label brands and bringing back sales events that former CEO Ron Johnson had done away with. Same-store sales plunged 32 percent in the fourth-quarter a year earlier, and revenue by that measure hadn’t gained since the quarter ended in July 2011.