Dallas, Texas 12/16/2013 (FINANCIALSTRENDS) – Recently the J.C. Penney Company, Inc. (NYSE:JCP) announced a small update regarding their November sales and said that they achieved around 10.1% growth in sales as compared to the same period for the last year. But they also added that last year the sales were affected by hurricane Sandy and Black Friday opening. They also announced the same growth momentum will not be observed in the December and January months.
Everybody was surprised when they said that they might suffer a loss of around $266 million for the 4th Quarter. In fact during their previous updates and major announcements they mentioned about the gross margins but for the month of November they didn’t mentioned a single bit about the gross margins. Now everybody is assuming that these missing gross margins for the November month are less than October month as this is the reason why they are not showing it in their reports.
The recent stock price situation of J.C. Penny
All the news related to the sales of J.C. Penney Company, Inc. (NYSE:JCP) fall into deaf ears and the company’s stocks rallied on last Wednesday and closed at about 8.38 percent up from their previous close. There was news about the J.C. Penny that is doing rounds in the market circuit and that is about hedge fund Hayman Capital Management LP which sold all of his J.C. Penny shares.
To clarify on all the doubts related to the company the company’s management looked positive and said that they have managed to increase their comparable- store sales for the month of November and are also giving aggressive discounts and return of some of their in-house brands have lead to increase in their customers coming back to the company’s stores. Company is also hopeful of the upcoming Christmas and New year Season.