The e-retailer reports a $126 million net loss, stemming from a $640 million year-over-year increase in spending in the quarter on technology and content ...
E-commerce accounted for 9.7% of all sales.
It was a better quarter in terms of sales online and overall for J.C. Penney Co. Inc.
For the first quarter ended May 3, J.C. Penney, No. 37 in the 2014 Top 500 Guide reported:
- Web sales increased 25.7%. Based on that metric and the web sales that Penney disclosed in its first quarter earnings in 2013, Internet Retailer estimates web sales totaled $272.8 million, up from $217 million in the prior year.
- Total sales grew year over year by 6.1% to $2.80 billion from $2.64 billion.
- Comparable-store sales increased 6.2%. Beginning in the first quarter, Penney says it is changing how it reports comparable-store sales to include e-commerce but exclude returns and liquidation sales.
- Net loss was $352 million compared with a net loss of $348 million in the first quarter of 2013.
- Web sales accounted for 9.7% of all sales compared with 8.2% in the prior year.
“It is clear that our efforts to re-merchandise many areas of the store and revamp our messaging to the customer are taking hold and, despite a difficult retail environment, our strong performance during the Easter holiday period and other key promotional events enabled us to deliver better-than-anticipated sales results,” says CEO Myron E. (Mike) Ullman. “We expect to carry this momentum into the second quarter.”