J.C. Penney Surprise: 10% Comparable Store Sales Growth in November

The company’s comparable store sales grew by a sharp 10.1% in November of 2013 versus November of 2012. Its e-commerce sales online were called strong and running well ahead of last year. This is also said to be consistent with the prior month’s trend, although the comparable store sales gain in October was a mere 0.9%.

CEO Mike Ullman said that the company is encouraged by the early performance of its giftable items, especially among its private brands such as Modern Bride, St. John’s Bay and a.n.a. Here is where things may get tricky. J.C. Penney said that customers “took advantage of exciting promotions for gift buying for their loved ones as well as for themselves.” Another mention was made that the environment will remain as competitive as ever.

We would caution that J.C. Penney shares are now back above $10.00 per share, closing up 1% at $10.11 on the day. The stock is also up another 4% or so at $10.57 in the after-hours session. Its 52-week trading range is $6.24 to $23.10 and its market cap is almost $3.1 billion.