J.C. Penney is Also Entering the Resale Business with ThredUp
J.C. Penney Co. Inc. is also getting into the resale business. After Macy’s Inc. unveiled a pilot Tuesday that brought ThredUp to 40 of its stores for back to school, J.C. Penney followed suit this morning, announcing a similar partnership with the thrift store in 30 of its stores. Offering a seasonal array of resale handbags and women’s fashion, the ThredUp assortment will be branded in a 500- to 1,000-square-foot space in select markets starting this week. Michelle Wlazlo, executive vice president and chief merchant of Penney’s, said: “While there are more secondhand shoppers than ever before, we’ll continue to test and evaluate how this resonates with customers.” The news came as the company published its second-quarter earnings. Its net loss narrowed to $48 million, or 15 cents per share in the quarter ended Aug. 3, compared with a net loss of $101 million, or 32 cents per share in the same period last year. On an adjusted basis, the loss was 18 cents per share, an improvement from 38 cents a year earlier, and better than analysts’ expectations for a 31 cents loss, according to FactSet. Investors, however, zeroed in on net sales decreasing 9.2 percent to $2.51 billion, compared with $2.76 billion a year
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