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JCPenney Announces Mixed Second Quarter Results, Partnership with ThredUp

J.C. Penney
Photo Credit: Azt3r1x via Wikimedia Commons cc

While JCPenney’s sales fell 9%, partially due to the shedding of appliance and furniture categories, its losses narrowed, sending shares up over 10% to 63 cents. The department store chain also announced a partnership with “recommerce” company ThredUp, in which 30 JCPenney stores will carry a curated selection of secondhand apparel.

“Notably this quarter, the meaningful improvement we delivered in cost of goods sold was driven by lower permanent markdowns, improved shrink results, increased store and online selling margins and the exit of major appliance and in-store furniture categories,” said CEO Jill Soltau…

Read the full story at Footwear News.