Analysts who are getting out into J.C. Penney stores are finding some positive signs.
Oppenheimer & Co. issued a note Monday saying Plano, Texas-based Penney’s recent promotions are showing “evidence of success.”
“We are increasingly optimistic that the more price promotional stance that J.C. Penney is now assuming will allow the chain to make the most of a challenging holiday selling season and position it well to re-accelerate its aggressive turnaround strategy in 2013,” the note said.
Markdowns were aggressive. Clearance inventory was selling better, and some racks were cleared out. Inventory was light in home; inventory has been moved out to make way for new brands coming in early 2013.
JOIN THE DISCUSSION | Register here
We welcome comments. Please keep them civil, short and to the point. ALL CAPS, spam, obscene, profane, abusive and off topic comments will be deleted. Repeat offenders will be blocked. Thanks for taking part — and abiding by these simple rules. A thorough explanation of rules of conduct can be found in our Terms of Service. If you have any questions, including why your comment may not be showing immediately after you submit it, be sure to visit the commenting FAQ.