JCPenney touts November comp
Plano, Texas - JCPenney reported strong same-store sales growth in November, but a Wells Fargo analyst says the performance may be less impressive than it looks.
Penney reported a 10.1% boost in comp during the month of November, which it credited to higher rates of traffic and conversion both in stores and online.
Wells Fargo analyst Paul Lejuez performed a stack analysis on the numbers and concluded that Penney's November 2012 comp was probably its worst for the year, according to a report from StreetInsider.com. He also speculated another double-digit comp gain would be unlikely in December.
Lejuez cautioned that while last month's result suggested Penney's November comps grew by 700 basis points, the real result is probably closer to 230 basis points.