WASHINGTON, Nov. 14 (UPI) — Retail company JC Penney is doing better than its rivals despite posting third-quarter losses this week.
The department store reported a 6.4 percent rise in comparable sales Friday, more than that of Macy’s, Kohl’s and Nordstrom.
“The continuation of our strong sales performance this quarter demonstrates ongoing progress toward achieving the Company’s long-term financial targets,” CEO Marvin Ellison said in a statement. “We grew the top line, improved margin and intensified our expense discipline.”
JC Penney has been making efforts to revive its performance since former CEO Ron Johnson was fired in 2013 after posting almost debilitating losses. Ellison took over the company in August.
“While there is significant work to do to improve our company, the JC Penney team remains determined to regain our status as a world-class retailer,” he said.
Despite the comparable sales increase, the retailer’s stock value dropped 16 percent in afternoon trading, USA Today reports. Its total loss was $137 million — 47 cents a share after adjustment. As Black Friday looms, JC Penney previously reported they will open their stores at 3:00 p.m. on Thanksgiving.
