The formal number on same-store sales increased 0.9% in October. This is listed as a 490 basis point increase over September. Anything positive here is a miracle.
Another metric is that sales on the JCP.com website were up by a sharp 37.6% in October versus a year ago. The company called this a continuation and acceleration of the positive trend in the company’s online business.
The summary comment is, “Conversion continues to improve in October compared to last year, reflecting favorable customer response to promotional events and improved inventory levels.”
Keep in mind that short covering is a huge issue here. That being said, the gain in the first 25 minutes of trading was 5.9% to $8.16 on more than 12 million shares. The high of the day so far has been $8.33. and the average volume is 40 million shares.
As a reminder, the 52-week trading range here is $6.24 to $23.10. Shares remain under the secondary offering pricing as well.
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