J. C. Penney October Same Store Sales Up 0.9% - Quick Facts

(RTTNews) - J. C. Penney Company, Inc. (JCP) said Thursday that its same store sales increased 0.9 % in October 2013, marking a 490 basis point increase over September.

The company noted that sales on jcp.com for the month increased 37.6 % versus last year, a continuation and acceleration of the positive trend in the Company's online business.

"JCPenney has made significant progress in addressing the challenges it faces, and we believe the Company is on the right track to return to long-term profitable growth," said Myron Ullman, III, Chief Executive Officer of JCPenney.

The company attributes its improved sales trends to the restoration of inventory levels in key private brands, including St. John's Bay, Stafford, and jcp Home, and significant sales increases in Levi's, Nike, Carter's, Dockers, Alfred Dunner, Vanity Fair and IZOD, some of the Company's largest national brands.

The company said it also continues to make strides in the remerchandising and reconfiguration of its Home department both in stores and online to better reflect how customers shop while highlighting its most compelling brands and price points. These changes are beginning to resonate, as Home saw the largest percentage sales increase among the Company's divisions in October.

Ullman said, "As the turnaround is progressing, we are focused on restoring a compelling mix of private, exclusive and national brand merchandise that better resonates with our customer and results in fewer markdowns at the end of the selling season......As we look ahead, we are fully prepared to execute our aggressive plans for the holidays, including opening at 8:00 pm on Thanksgiving Day. We will soon be unveiling new marketing to better communicate the unique value and stylish merchandise assortment we offer. We expect the holiday season to be extremely competitive, and we are ready to win."

The company announced that it will release its third quarter 2013 financial results on Wednesday, November 20 at 7:30 a.m. ET.