JC Penney’s Back In Compliance With The NYSE: How The Retailer Made The Turnaround?

After being warned about a possible delisting from the NYSE, JC Penney (JCP) has fought its way back to compliance.

According to a regulatory filing, JC Penney has increased its share price to over $1 for 30 consecutive days, ending Nov. 29. The compliance notice was issued on Monday after JC Penney announced the NYSE warning back in August.

Under the leadership of CEO Jill Soltau, JC Penney has been making strides to regain its foothold in the retail market. The company has undergone a makeover of its business, including a new store format in Hurst, Texas, that offers consumers amenities such as a barbershop, fitness classes, and lounge areas that are designed to bring in foot traffic to the store.

The Hurst location is a test project for JCPenney that has also made the move to bring second-hand retailer ThredUp to its stores as well as adding an Outdoor Shop within its men’s department at 100 stores, offering new St. John’s Bay Outdoor apparel collections.

JC Penney released its Q3 earnings report on Nov. 15, reporting a net loss of $93 million, down from the $151 million loss of Q3 2018. Net sales for the company were $2.38 billion, down 10.1 % compared to 8.3% in the same quarter of last year. Comparable sales also decreased by 6.6 percent.

Shares of JC Penney stock were down 2.65% prior to market open on Tuesday.