iStock Editorial/Thinkstock(NEW YORK) — J.C. Penney may have finally turned a corner, thanks to impressive second-quarter sales.
It was just last January that the troubled retailer announced it was shuttering 33 under-performing stores in 2014 following losses of $2 billion over the past two years along with taking on $2 billion in debt.
However, J. C. Penney said Thursday that sales from April through June were up six percent compared to the same period last year and revenue was up 5.2. percent.
CEO Mike Ullman remarked, “Our turnaround initiatives continue to produce improved financial results. We gained additional market share while significantly increasing gross margin in a highly competitive promotional environment.”
Naturally, it’s the all-important fourth-quarter, which includes the holiday shopping period that is likely to make or break the store’s chance at long-term survival.
J.C. Penney’s previous efforts at stopping its red ink went poorly. An ill-conceived discount three-tier pricing policy confused everyone before it was tossed to the curb. Later, the store revamped its campaign strategy to focus on lifestyle but customers complained they just wanted to know how much products cost.
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