JC Penney anticipates ample year-end liquidity

JC Penney anticipates ample year-end liquidity

Credit: AP

JC Penney anticipates ample year-end liquidity

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by Associated Press

WCNC.com

Posted on October 8, 2013 at 8:18 AM

PLANO, Texas (AP) -- J.C. Penney, 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.

J.C. Penney 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.

J.C. Penney 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.

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