JCPenney (JCP) - Get Report jumped almost 19% by midday Tuesday after the retailer announced that it's adding a new category of men's clothing, as well as launching an outdoor shop online and in 100 of its roughly 850 stores next month.
JCP said it will roll out St. John's Bay Outdoor -- a new collection of "rugged" shirts, jackets and pants -- in approximately 600 stores and online beginning Thursday. the company will then launch a store within a store called the Outdoor Shop on Oct. 4 to feature St. John's Bay and other outdoor-sportswear brands.
"Created exclusively for JCPenney by our talented in-house product development and design team, St. John's Bay Outdoor serves as the centerpiece of our Outdoor Shop and holds a unique place in our private brand portfolio," Michelle Wlazlo, the company's chief merchant, said in a statement. "With this expansion, JCPenney is taking part in the nearly $900 billion outdoor recreation industry by offering functional, durable apparel with our customer expectations at the core, all at an incredible value."
The news sent JCP stock up 16 cents to close at $1.01, although shares are still down some 50% from a year ago.