JC Penney Q3 Sales Flat, Home Segment A Top Performer

Third quarter sales at JCPenney were flat as the retailer reported that Home along with Fine Jewelry were among the company’s top performing product categories in the period ending Nov. 1.

Sales for the quarter were $2.764 billion compared to sales of $2.779 billion in the third quarter of 2013. Same store sales for the period were also flat. Operating income for the quarter was a loss of $54 million, which represents an improvement of $347 million over last year. Geographically, the western and northeastern regions of the country delivered the best performance, company officials said.

“This quarter shows the progress we are making in the final phase of JCPenney`s turnaround,” said Myron E. (Mike) Ullman, III, JCPenney CEO. “Like most retailers, following a strong start to the back-to-school season, sales did slow in September and October as unseasonably warm weather hindered the sale of fall goods.”

For the fourth quarter, the company expects comparable store sales to increase between 2% and 4%.