ARTICLES BY ANNA ROSE WELCH
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JCPenney Turnaround Tied To Online Sales And Inventory Refresh11/22/2013
Following JCPenney’s third quarter financial results, CEO Myron Ullman seems optimistic about the turnaround effort that’s been underway for the past year or so. He says, “We’re making significant strides toward restoring JCPenney to its rightful place in retail… It’s hard work with no quick fixes, but our team’s rising to the challenge, and our customers tell us they love the progress we’re making.” It’s happening slowly, but JCPenney is beginning to see positive sales momentum, reporting slightly increased comp store sales. For the quarter, the comp sales improved by 710 basis points, reflecting sequential improvement in each of the three months in Q3’13. Similarly, the company reported positive comps in October, a huge achievement for the retailer, as it had been nearly two years since the company had seen such increases.