Black Friday, Thanksgiving, Boost J.C. Penney's November Comparable Sales By 10%

NEW YORK (TheStreet) - J.C. Penney (JCP) shares surged more than 4% in post-market trading after the beleaguered department store chain said that comparable store sales jumped 10.1% in November.

The stock was up 4.3% to $10.55 after the markets closed.

J.C. Penney seems to have returned to reporting monthly sales for now after dropping them in 2011. It's the second month in a row that the Plano, Texas-based company reported monthly sales. Last month, J.C. Penney reported the first positive comparable-store sales numbers since December 2011.

The November period included the all-important Thanksgiving weekend sales. J.C. Penney opened at 8 PM on Thanksgiving to compete with other retailers including Macy's (M) and Target (TGT).

The company noted that online sales through jcp.com continued to be strong, "running well ahead of last year," though it did not break out the numbers.

"We are pleased with our performance over the Thanksgiving holiday weekend, particularly in light of the continued spending pressures on consumers," J.C. Penney's CEO Myron E. (Mike) Ullman, III said in a press release. "The combination of our great merchandise and compelling promotions put us in a position to succeed in a highly competitive environment, and our teams executed very well."

"The traffic and conversion we saw both in stores and online this weekend was exciting for everyone across our organization. We know the environment will remain as competitive as ever, and we are all working to maintain our momentum through the holiday season," Ullman continued.

Separately, J.C. Penney noted at the end of the release that the company plans to start using its Web site and various social media outlets to communicate company information, in some cases "material" information that includes "key personnel, new brands and services, trends, new marketing campaigns, corporate initiatives and other matters."

Written by Laurie Kulikowski in New York.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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