J.C. Penney: July's sales trend has carried into early BTS selling season
Chairman and CEO Marvin Ellison said on the company's Q2 earnings conference call that J.C. Penney had positive comps in May, low single digit negative comps in June and approximately flat comps in July. Ellison said the sales trend in July has carried into the early back-to-school selling season. Ellison noted that omnichannel was "a big win" in Q2. He also said that there was much greater margin dilution that expected in Q2 following the liquidation of stores, believes this is isolated to Q2. He added that Q2 was a "unique quarter" based on the large number of liquidated stores. There has been no negative impact to ecommerce in zip codes where stores have closed, Ellison said. J.C. Penney is down over 23% in premarket trading.