J.C. Penney reported a 3.7% same-store sales increase for the November-December holiday selling season, beating estimates of 1% to negative 5% growth. Efraim Levy, senior equity analyst at S&P Capital IQ, says the retailer’s results are indicative of a good holiday shopping season overall amid an improving job market, higher stocks and greater consumer confidence. Levy also attributes the results to lower gas prices, as he believes shoppers at J.C. Penney are finding extra dollars in their pocket and spending them there. While the sales increase is a positive for the retailer, Levy said he’s reiterating his HOLD rating on the stock, as he doesn’t believe J.C. Penney is out of the water just yet.
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