October 8, 2013
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.