Boston, MA 02/04/2014 (wallstreetpr) – J.C Penney Company, Inc. (NYSE:JCP) which is one of the largest apparel and home furnishing retailers in the US has provided its preliminary results of its performance during the peak holiday season. The sales for the fourth quarter increased by 2% compared to similar period a year ago. This marked the first period since Q2 of F2012 that the company had been able to record positive quarterly sales. This is positive news going forward as it serves as a clear indication of the company’s ability to perform even better in terms of sales in the coming quarters of FY2014
J.C Penney Company, Inc in numbers
The months of November and December delivered the highest number of sales which showed an improvement of Sales 3.1% compared to the same period year ago. The fourth quarter was arguably the best quarterfor the company as it was able to record growth of sales of approximately 26.3%. The increase in sales helped the company’s liquidity levels to increase to $2 billion. JCP chief executive officer could not hide his excitement and emphasized that the company’s turnaround was on track representing a major turning point for the company for even better results in the coming years.
J.C Penney Company, Inc. performs well despite tough environmental conditions
Myron E Ullman III who is the Chief executive officer was quick to defend the company’s result as he was of the opinion the company performed exemplary well amidst tough environmental conditions that prevailed during the fourth quarter. He was quoted as saying “ In spite of the significant headwinds facing all retailers this season, including unprecedented weather conditions in many parts of the country, we delivered on our promise to generate positive comparable store sales growth in the fourth quarter”
Some of the categories that contributed to the good performance in the fourth quarter include Beauty (Sephora), active wear, sweaters, outwear, dresses boots and men’s clothing. J.C Penney Company, Inc. (NYSE:JCP) strategy of combining relevant gift-able merchandise with compelling promotions was seen as the primary reason that enable the sales team navigate swiftly through the competitive environment amidst constant harsh environmental conditions. J.C Penney Company, Inc. (NYSE:JCP) has set its target to do even better in F2014 and return a sizeable amount on profits
