Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
E-commerce grows 24%, while stores drop 5%.
Total sales and store sales dropped for J.C. Penney in the third quarter, but shoppers returned to the retailer’s e-commerce channel.
In fact after multiple quarters of declining or modestly increasing web sales, e-commerce grew at a healthy clip for JCP.com in the quarter.
For the quarter ended Nov. 2, J.C. Penney, No. 34 in the Internet Retailer Top 500, reported:
- E-commerce sales increased 24.3% to $266 million from $214 million in the third quarter of 2012.
- Total sales declined year over year 4.8% to $2.78 billion from $2.92 billion.
- Comparable-store sales declined 4.8%
- Net loss was $489 million compared with a net loss of $123 million in the prior year.
- The web accounted for 9.6% of all sales compared with 7.3% in the third quarter of 2012.
"Our strategies to reconnect with customers are beginning to take hold, and this became increasingly clear as the quarter progressed,” says CEO Myron Ullman.