JCPenney Expects Ample Year-End Liquidity
Get Breaking News First
PLANO (AP) - JCPenney, which has faced concerns it is burning through cash, still anticipates having ample liquidity at year’s end.
The struggling department store operator also said a key revenue figure fell 4 percent in September from a year ago, but that its online sales continue to strengthen.
JCPenney Co. said Tuesday it anticipates more than $2 billion in year-end liquidity after closing on a public stock offering of 84 million shares. It also said it remains current in vendor payments.
JCPenney said that September revenue at stores open at least a year rose when compared with August, with sales of women’s clothing increasing.
Online revenue increased 25.3 percent in September, building on a 10.8 percent gain in August.
CEO Mike Ullman said the Plano, Texas company is in the early stages of its turnaround.
Share rose 8 percent in premarket trading.
(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
- Texas Tech Defensive Coach Wallerstedt Resigns
- Home Depot Says Data Breach Affected 56 Million Cards
- Game Manager? Romo OK With That If Cowboys Win
- 5 NFL Locks For Week 3
- 4 Must Watch College Games This Weekend
- Sasquatch Genome Project Reveals Bigfoot Photos
- Tricks To Using The New iPhone Software
- Enter The “Show Your Spirit’ Sweepstakes
- Mexican Monster Truck Wreck Kills 8, Hurts Dozens
- Nolan, Daniels Involved In Heated Confrontation
- PHOTOS: Your Pet Pictures