The department store retailer’s efforts to purge inventory and stores helped push same-store sales in the third quarter far higher than expected
The iconic retailer’s quarterly comparable sales rose, and that was more than double what analysts had expected. Fred Katayama reports.
J.C. Penney posted a larger-than-expected increase in same-store sales, and CEO Marvin Ellison declared that the short-term pain in the quarter will result in long-term gain.
The department store is heading into the holidays with some good momentum.
Retailer could be forced to sell off more than 140 stores as sales plunge.
J.C. Penney is in prime position to profit from Sears’ downsizing and potential demise, due to the significant geographic overlap between the two chains.
The slowly dying department store retailer drops another dose of bad news onto the heads of beaten up investors. One thing is becoming clear: 2018 will be brutal for the company.