Web sales are up slightly for J.C. Penney
August 15, 2011 12:14 PM
The web outperformed total sales in the second quarter for J.C. Penney Co. Inc.
For the quarter ended July 30, Penney reported:
- Online sales of $326.0 million, up by 2.8% from $317.0 million in Q2 2010. The biggest sales gains came from women's apparel and accessories and fine jewelry, the company says.
- Total sales of $3.91 billion, down by 0.8% from $3.94 billion, which the company attributed to its exit from the catalog business.
- Comparable-store sales for the second quarter rose 1.5%.
- Net income of $14 million, flat compared with the prior year quarter.
Internet Retailer calculates the web accounted for 8.3% of total sales for the quarter, compared with 8.0% last year.
Despite challenging economic conditions, “we have made significant strides in implementing our merchandising growth initiatives, with sales gains across our apparel and accessories businesses both in stores and on JCP.com,” says Myron E. Ullman, chairman and CEO of J.C. Penney, No. 20 in the Internet Retailer Top 500 Guide.
For the first six months:
- Online sales were $702.0 million, up by 4.7% from $670.2 million in the same period last year.
- Total sales of $7.85 billion, down by about 0.2% from $7.87 billion.
- Comparable-store sales increased 2.7%.
- Net income of $78 million, up by 5.4% from $74 million in the prior year period.
Internet Retailer calculates the web accounted for 8.9% of total sales for the period, compared with 8.5% last year.