J.C. Penney Co. reported that its net revenue for the first quarter rose 2.7% to $7.73 billion from $7.52 billion a year earlier. Department stores contributed to the increase, but catalog sales declined during this period.
Net income rose to $86 million, from $41 million last year.
The improvements, which beat analysts estimates, are evidence that “our turnaround is on track,” said Allen Questrom, CEO, in a statement.
Sales at department stores open at least one year increased 7.9% during this first quarter, which ended April 27. These sales were driven by more fashionable assortments, “better visual presentation and more aggressively planned marketing programs,” said a company statement.
Catalog sales decreased 24.8%, which was in line with projections, according to the statement. The Plano, TX-based company said it expected catalog sales to decline about 10% in the second quarter and by 10% to 13% for the full year, then to stabilize and begin to grow slowly.
Sales at Eckerd Drugstores open at least a year increased 7.6% to $4.7 million. Pharmacy sales went up 9.7% and non-pharmacy merchandise up 3.6%.
