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J.C. Penney store sales dip yet retailer is upbeat about holiday

November 16, 2016

Unseasonable weather and a strategy to put appliances front and center as the holiday sales season hits are two factors J.C. Penney is citing for a 0.8 percent drop in same-store sales.

Other factors, according to a Reuters report, that played into quarterly earnings were increasing competition from online and brick-and-mortar retailers, and weak traffic.

Looking forward the retailer now expects sales growth to hit between 1 and 2 percent, rather than an earlier expectation of 3 to 4 percent, notes the report.

Yet, the retailer believes its current strategy will reverse the latest earnings report.

"We are excited about the initiatives we have in place to drive incremental growth during the holiday season," Ellison told Reuters.