J.C. Penney Holiday Comps Tumble

The holidays weren’t kind to J.C. Penney, as comparable sales for the combined nine-week period ending January 4 slid 7.5%, the company reported.

Adjusted comps, which exclude the impact of the company’s exit from major appliance and in-store furniture categories, slipped 5.3%.

At the same time it announced the holiday comps, J.C. Penney reaffirmed its financial guidance for full fiscal 2019 including comps down 7% to 8% and adjusted comps, again excluding the impact of the major appliances and in-store furniture exits, down 5% to 6%.