In its second-largest acquisition, Amazon buys the company for $970 million.
The web grew 6.7% in Q4.
It was a better fourth quarter for e-commerce, but another flat year online for J.C. Penney Co. Inc.
For the year ended Jan. 29, J.C. Penney, No. 16 in the Internet Retailer Top 500, recorded:
- Web sales of $1.5 billion, an increase of 4.5% from web sales of $1.435 billion in 2009. J.C. Penney’s e-commerce sales have hovered around $1.5 billion since 2007.
- Total sales increased 1% to $17.759 billion in 2010 from $17.756 billion.
- Comparable-store sales increased 2.5%.
- The retailer did not break out net income.
Internet Retailer calculates the web accounted for 8.4% of total sales in 2010 compared with 8.2% in 2009.
“Our performance in 2010 reflects the strides we have made to deliver on our operating goals,” says CEO Myron Ullman. “This was particularly evident in the fourth quarter when the actions we took during the year—including new growth initiatives and improvements across our merchandise assortments, redefining the jcp.com experience and driving efficiencies across our company.”
For the fourth quarter:
- Web sales were $495 million, up 6.7% from $464.1 million in the fourth quarter of 2009.
- Total sales increased 1.8% to $5.7 billion from $5.6 billion in the fourth quarter of 2009.
- Comparable-store sales increased 4.5%.
Internet Retailer calculates the web accounted for 8.7% of total sales in 2010 compared with 8.3% in 2009.