The e-retailer heads into the holiday shopping season behind a 30% increase in fulfillment spending and a widening net loss. North American sales increased ...
Online sales continue to outshine store sales at the big retail chain, where second quarter web sales rose 4% year over year while total sales dipped 0.1%.
Breaking out quarterly web sales for the first time, J.C. Penney Co. Inc. showed a modest year-over-year gain for the second quarter ended July 31: Web sales rose about 4% to $317 million from $305 million.
Though a modest gain, it's understandable why J.C. Penney might want to start reporting quarterly web sales separately. While web sales rose, total Q2 sales dipped 0.1% year-over-year to $3.938 billion from $3.943 billion, and same-store sales fared only slightly better, rising 0.9%. Same-store sales are for stores open at least a year.
Internet Retailer calculates the Internet accounted for 8.0% of total sales in the quarter compared with 7.7% in the same quarter last year.
The retailer, the 16th largest in terms of 2009 web sales as ranked in the Internet Retailer Top 500 Guide, reported Q2 net income of $14 million, compared to a loss of $1 million in the year-ago quarter.
J.C. Penney didn't report web sales for the first half, when total sales rose 0.5% year over year to $7.867 billion, as net income tripled to $74 million and same-store sales rose 1.3%.