J.C. Penney Co. Inc. continued to gain momentum last month with comparable-store sales increasing 10.1 percent.
This story first appeared in the December 4, 2013 issue of WWD. Subscribe Today.
Myron “Mike” Ullman 3rd, chief executive officer, pointed to the company’s product offering and promotions as the reasons for the increase.
The company also benefited from extremely easy comparisons. Although Penney’s didn’t release monthly figures last year, the company comped down 31.7 percent during the fourth quarter as former ceo Ron Johnson sought to remake the chain.
Ullman took back the reins from Johnson earlier this year and his return to a promotional strategy and in-house brands appears to be gaining some traction with the consumer.
Penney’s saw its comps inch back into positive territory in October, when sales at stores open a least a year increased 0.9 percent.
The company also noted that its e-commerce sales in November “continued to be strong, running well ahead of last year.”
Investors were heartened by the afternoon update and shares of the company rose 5.3 percent to $10.65 in after-hours trading Tuesday.