JCPenney posts 5.4 percent drop in comparable holiday sales

JCPenney Company, Inc. has said in a statement that its comparable store sales for the combined nine-week period ending January 5, 2019, decreased 3.5 percent on a shifted basis, while on an un-shifted basis, comparable sales decreased 5.4 percent.

JCPenney also said that it will initiate three preliminary store closings this spring as part of an ongoing evaluation of its store portfolio occurring over the next few months.

The company also reaffirmed its expectations to generate positive free cash flow in fiscal 2018, reduce inventory in excess of 225 million dollars or 8 percent and expects to end the year with liquidity in excess of 2 billion dollars.

Picture:Facebook/JCPenney