Penney’s web sales growth outstrips total revenue growth
Internet sales at J.C. Penney Co. Inc., grew 10% last year from the year earlier, reaching $323 million from $294 million, the company reported today. Companywide full year revenue grew 0.5% to $32 billion. Department store sales grew 1.5% to $14.8 billion and Eckerd Drug Store sales grew 5.8% to $13.8 billion.
In January, web sales grew 9.5% from the year earlier to $23 million from $21 million. Total revenue grew 1.4% to $2.14 billion; department store revenue, 4.1% to $841 million; and Eckerd revenue, 6.3% to $1.08 billion.
Reflecting Penney’s strategy of de-emphasizing its catalogs, catalog sales fell to $3 billion for the year, 22.6% lower than the year earlier $3.88 billion.
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