JC Penney September sales down 4 percent

REPORT_ JC Penney September sales were down 4 percent

when compared to September 2012. This constitutes a 580 basis point improvement over August 2013. Sales on JC Penney continue to trend double digits ahead of last year, and are up 18.6 percent in the third quarter to date. September sales on JC Penney experienced 25.3 percent sales growth over the same period last year. Women’s and men’s apparel, fine jewelry and women’s accessories are performing better than the company average. Women’s apparel, the company’s largest business, reported positive sales for the month of September. Gross margins continue to be impacted by lower clearance margins due to the overhang of inventory from the first two quarters of the year, higher levels of clearance units sold during the period, as well as the company’s transition back to a promotional pricing strategy during the second quarter of 2013.

JC Penney is one of America’s largest apparel and home furnishing retailers. Myron E. (Mike) Ullman, III, Chief Executive Officer of JC Penney, said, “Reconnecting with our customers and getting them into our stores is a top priority. Our offering of trusted private brands, key national brands and unique attractions sets us apart from the competition. Over the last six months, we have made significant strides. While pleased with the improving trends we are still in the early stages of the turnaround.”