Boston, MA, 11/13/2013 (wallstreetpr) – J.C. Penney Company, Inc.(NYSE:JCP) has reported on Thursday that its same store sales had gone up for the first time in two year. It attributed the rise to the discounts it was giving its clients and keeping merchandise its long time shopper liked.
The company had been offering sharp discounts in its efforts to bring back customers after it failed in its attempt to go upmarket in 2012 had led to a fall of 25% in its sales. The last time the company had reported a gain in same store sales was December 2011.
The company CEO Myron Ullman credited the increase in sales due to the return of company manufactured products like St. John’s Bay, which were abandoned by Ron Johnson whom he succeeded as CEO. The popular brands had been abandoned by the company during its ill-advised attempts to change itself
Ullman returned to the post of CEO of the company in March with the task of stopping the declining store sales after the store clients had rejected his predecessor’s attempts to redo the stores image and increase sales by giving coupons and offering expensive stock.
The CEO offered a warning that the company’s gross profit margin in the third quarter would be hit by its offer of attractive discounts to bring back clients and selling its present stock. Ullman also said that the gross margins would improve in each month of the quarter.
In other news the company has been named on the 2014 Military Friendly Employer list by Victory Media. The standards used while selection included a standard which measured the company’s score across key programs and policies such the stores military recruiting efforts, the number of new people it hired who had served earlier with the military. The reward built on the company’s long term tradition of military support.
On the occasion of Veteran’s day this month the store is giving a 20% discount to all people who have served in the Armed Forces and family member of those still serving and in the reserves.