After Macy’s Inc. unveiled a pilot Wednesday that brought ThredUp to 40 of its stores for back to school, J.C. Penney followed suit this morning, announcing a similar partnership with the thrift store in 30 of its locations.
Starting this week, secondhand handbags and women’s fashion will be available in a branded ThredUp space in J.C. Penney stores in select markets.
Michelle Wlazlo, executive vice president and chief merchant of the Plano, Tex.-based chain, said: “While there are more secondhand shoppers than ever before, we’ll continue to test and evaluate how this resonates with customers.”
The news came as the company published its second-quarter earnings. Its net loss narrowed to $48 million, or 15 cents per share in the quarter ended Aug. 3, compared with a net loss of $101 million, or 32 cents per share in the same period last year.
On an adjusted basis, the loss was 18 cents per share, an improvement from 38 cents a year earlier, and better than analysts’ expectations for a 31 cents loss, according to FactSet.
Investors zeroed in on net sales decreasing 9.2 percent to $2.51 billion, compared with $2.76 billion a year earlier and below the $2.64 billion FactSet consensus. Comparable sales fell 9 percent.
That sent shares down 4.9 percent in premarket trading.
Nevertheless, Jill Soltau, chief executive officer of J.C. Penney, said she was “pleased with the results we delivered this quarter and the progress we are making against our plan.”
“While we still have work to do on our top line, I strongly believe that growing sales in an unprofitable way is simply not an option. The only way I know how to reconstruct a business is through a holistic approach across all the key tenets of strategic, purposeful and effective retailing,” she said.
J.C. Penney also said Stacey Shively, a senior executive with nearly 25 years of retail merchandising experience, has been appointed to senior vice president, general merchandise manager for its home division, effective Sept. 9.
Shively comes to the retailer from Bluestem Brands where she most recently served as senior vice president of merchandising. She began her retail career at Target Corp. where she spent 17 years.
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