Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Despite a boost in e-commerce revenue of 4.3% in the fourth quarter, annual web sales remained unchanged at about $1.5 billion in 2009. Total revenue and comparable-store sales for J.C. Penney decreased 5% and 6.3%, respectively.
For the second year in a row web sales remained flat for J.C. Penney Co.
For the year ended Jan. 30, 2009, J.C. Penney, No. 15 in the Internet Retailer Top 500 Guide, reported:
- Web sales remained essentially unchanged at about $1.5 billion for 2009 and 2008.
- Total sales decreased 5% to $17.55 billion from $18.48 billion.
- The web accounted for 8.5% of total sales compared with 8.1% in 2008.
- Comparable-store sales decreased 6.3%.
- Net income declined year over year 56.1% to $251.0 million from $572.0 million.
For the fourth quarter, J.C. Penney didn’t break out a specific number, but web sales grew year over year by 4.3%, the company says. Other fourth quarter results include:
- Total sales decreased 4.1% to $5.55 billion from $5.79 billion.
- Comparable-store sales decreased 4.5%.
- Net income declined year over year 5.2% to $200.0 million from $211.0 million.