J.C. Penney said year-over-year sales during the holiday period were down, continuing a very bad week for some of the biggest department store chains in the US.
Sales in the nine-week November-December holiday timeframe were down 0.8% from 2015, the company said on Friday. The company still reaffirmed its full-year earnings, before items, target of $1 billion for fiscal 2016. Chief Executive Marvin Ellison said the decline mostly came in the early part of the holiday season. Sales of appliances, outerwear, boots, toys and fine jewelry were all strong during the season, Ellison said.
“The first three weeks of November proved to be challenging in stores, consistent with the trends in the broader retail industry,” he said. “However, the business improved and overall comp sales for the six-week period from Thanksgiving week through the end of December were positive.”