Penney Penny'S Good News For Holiday Season

Penney Peng Ni Department announced that the same store sales in November and December have increased by 3.7%, which is good news for the Department Store Retailing that will report the holiday season. At the same time, its stock price has surged nearly 20% on Tuesday.

Group spokesman Daphne Avila revealed that sales growth reflects consumer preferences.

Strong demand for accessories, footwear, handbags, beauty products, jewelry and gift cards.

Penny's former CEO Ron Johnson and private equity fund Pershing Square Capital Management boss.

After two years of failure, Ron Johnson's former Myron E.Ullman III returned to the group. In the past year and a half, MyronE.MikeUllman has resumed and won the favor of consumers again.

Myron E.Mike Ullman has announced that it will retire to the Executive Board of the board in August 2015. Its position will be filled by Home Depot executive vice president and former Target Taghit department store executive Marvin Ellison.

According to the data, in the three quarter ended November 1st, the group's losses decreased sharply compared with the same period last year. Net losses fell from 188 million US dollars in the same period last year to US $188 million, and the diluted share loss decreased from US $1.94 to US $0.62.

The group has lost more than 2 billion 700 million dollars in the past two and a half years.

Thanks to the reduction in inventory clearance and sales, the gross profit margin in the two quarter was significantly increased by 710 basis points to 36.6%, and the total inventory was also reduced by 10.4% to 3 billion 358 million US dollars over the same period last year.

It said that the same quarter sales growth in the four quarter will be close to the upper limit of the expected interval 2%-4%.

Penney's sharp rise of 17.53% to 7.71 dollars after the holiday can basically offset the cumulative decline of 18% since the beginning of the holiday season. The stock closed at $6.56 on Tuesday, up 1.86%.

Analysts pointed out that Penny's performance in the holiday season shows that consumers' purchasing power is actually much stronger than the pessimism of the market, which is mainly due to the domestic economic recovery and the continuous decline of crude oil prices.

According to the National Retail Federation American Retail Association's forecast, retail sales in the national holiday season will rise by 4.1% over the same period last year, the biggest increase since 2011.