JCPenney Reports a 1.5 Precent Increase in Total Net Sales for hte Second Quarter 2017
J. C. Penney Company, Inc. announced financial results for its fiscal second quarter ended July 29, 2017. Total net sales increased 1.5 % to $3.0 billion in the second quarter compared to $2.9 billion in the same period last year. Comparable sales declined (1.3) % for the second quarter, resulting in a positive two-year stack of 0.9 %. Marvin R. Ellison, chairman and chief executive officer said, "We are pleased to deliver a top line sales increase of 1.5 % and quarterly sequential improvement of 220 basis points in our comp sales performance in go forward stores. While broader retail remains challenged, we are encouraged by the improved performance in our total apparel business, including a significant acceleration in kids' apparel. Nearly all categories delivered improved sales results during the quarter, with our growth initiatives in beauty, home refresh and omnichannel continuing to deliver positive sales growth." Click Read More below for additional detail.