J.C. Penney stock (NYSE:JCP) is on the move today. Why? Well J.C. Penney stock is getting a boost thanks to its announcement of same store sales and the fact that the department store operator backs all of its prior guidance along with the sales update. Quad7Capital had called for a buy on J.C. Penney stock back in October.
So what exactly was said that prompted J.C. Penney stock to rally like this? Well J.C Penney announcedthat its comparable store sales for the combined nine-week period ending December 30, 2017 increased 3.4 % over the same period last year. This is giving J.C. Penney stock a huge lift.
The company also reaffirmed all components of its most recent full-year financial guidance for fiscal 2017, which is seen as bullish for J.C. Penney stock. There was also further commentary which we were happy to see:
“We are very encouraged with our overall comp sales performance during the holiday season, which was led by home, beauty and fine jewelry. Additionally, our apparel categories continue to demonstrate improved comp performance, particularly in women’s and kids. We are also pleased by our e-commerce business that continues to outpace prior year results with double-digit sales growth, largely driven by sought-after gifting categories such as fine jewelry, home decor and luggage, toys, boots and athletic footwear. Our ability to execute e-commerce fulfillment from 100% of our brick and mortar stores helped fuel the growth in e-commerce for the holiday season. We remain confident that our strategic initiatives are taking hold and resonating with customers,” said Marvin R. Ellison, chairman and chief executive officer of JCPenney.
“As we close out fiscal 2017, we remain committed to operating the business for growth, while providing our customers more reasons to shop and experience everything JCPenney has to offer. We look forward to sharing more details about our 2017 fourth quarter performance and full year results as well as our fiscal 2018 expectations during our earnings call planned for March 2nd,” added Ellison
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