Dive Brief:
- J.C. Penney has released a mid-quarter sales report to calm investors following the company’s recent stock offering debacle.
- According to the report, total liquidity for J.C. Penney is expected to exceed $2 billion by the end of 2013.
- Same-store sales figures seem encouraging for the retailer and online sales totals at JCP.com rose 25.3% in September.
Dive Insight:
J.C. Penney sold 84 million shares of stock following a second quarter sales decline of 11.9%, or $2.6 billion in August. "Reconnecting with our customers and getting them into our stores is a top priority. Our enhanced messaging is reminding shoppers that JCPenney's offering of trusted private brands, key national brands and unique attractions sets us apart from the competition,” said J.C. Penney CEO Mike Ullman. The stock offering caused a stir among some investors, although it generated $785 million for the company’s liquidity to accommodate the upcoming holiday season.
