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December 4, 2013
10:18 EDTJCPJ.C. Penney retreats despite November comparable sales growth
Shares of J.C. Penney (JCP) are falling, even though the company reported last night that its comparable store sales had jumped 10.1% last month, versus the same period in 2012. Analysts' reaction to the data was mixed. WHAT'S NEW: J.C. Penney reported that its sales at comparable stores had surged 10.1% compared with the same period a year earlier. Meanwhile, the retailer said that its e-commerce sales continued to be strong, running well ahead of last year. J.C. Penney added that it was encouraged by the performance of its giftable items in the early part of the holiday season. ANALYST REACTION: In a note to investors, Sterne Agee analyst Charles Grom wrote that J.C. Penney's sales increase is "a step in the right direction." However, the increase was "certainly not heroic," given the large drop in the company's sales in November 2012 and the increased level of discounts it offered this year, added the analyst. Grom believes that the sales increase had already been priced into the stock, and kept a $9 price target and Neutral rating on the shares. In its own note, Wells Fargo said it believes Penney's comp sales gains could decelerate in December and January. The firm keeps an Underperform rating on the stock. Taking a slightly more optimistic view of the data was Oppenheimer analyst Brian Nagel. Following the data, a worst case scenario for the retailer is becoming less and less likely, the analyst believes. While J.C. Penney "is by no means out of the woods," the data indicates that its new back to basics strategy is enabling it to reconnect with its core customers, the analyst added. He raised his price target on the stock to $11 from $9 but kept a Perform rating on the shares. PRICE ACTION: In early trading, J.C. Penney fell 34c, or 3.36%, to $9.77.
News For JCP From The Last 14 Days
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April 22, 2014
05:47 EDTJCPStocks with implied volatility movement; JCP CRM
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April 11, 2014
14:26 EDTJCPCBL & Associates expects more J.C. Penney closures
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