The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — Department store operator J.C. Penney Co Inc reported better-than-expected quarterly net sales on Friday, helped by demand for home products and footwear and a strong performance by the Sephora beauty shops in its stores.
Penney's results capped a volatile week for department stores ahead of the all-important holiday shopping season, a period that historically has accounted for about a third of their annual sales and almost 40 percent of earnings.
Macy's Inc and Nordstrom Inc, whose customers tend to be more affluent than Penney's, both cut their full-year forecasts this week after reporting disappointing results.
However, Kohl's Corp, which competes more closely for the same customers as Penney, reported better-than-expected profit and sales.
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J.C. Penney's net loss narrowed to $137 million, or 45 cents per share, in the third quarter ended Oct. 31, from $188 million, or 62 cents per share, a year earlier.
Net sales rose 4.8 percent to $2.90 billion.
Analysts on an average had expected revenue of $2.88 billion, according to Thomson Reuters I/B/E/S.
J.C. Penney reported earlier this week that its same-store sales rose 6.4 percent in the quarter, the biggest jump in more than nine years.
By Sruthi Ramakrishnan; editors: Savio D'Souza, Ted Kerr.
In 2020, like many companies, the $50 billion yoga apparel brand created a new department to improve internal diversity and inclusion, and to create a more equitable playing field for minorities. In interviews with BoF, 14 current and former employees said things only got worse.
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