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J.C. Penney Loses Share, Launches Marketplace as Sales Slide
J.C. Penney's Q2 net sales fell more than 8% to $1.3 billion as it lost market share, but activewear, furniture and a recovering beauty business posted strong gains.
Updated
The brief
- Q2 total net sales fell more than 8% year on year to $1.3 billion; net income shrank by more than 50% and gross margin hit 39.2%.
- Active apparel grew about 12%, furniture 41%, jewelry 9% and salon about 7%, while apparel segments suffered from lower unit inventory and in-stock gaps.
- JC Penney Marketplace launched late in the quarter and is outperforming expectations, with long-term incremental e-commerce growth expected.
Based on Retail Dive; imgproxy.divecdn.com
Filed under jcpenney, marketplace, retail, e-commerce, sales-decline
Elena Vasquez
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Senior reporter covering media and advertising at Marketing Herald.
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