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On Thursday, J.C. Penney credited its increased October sales to restoring inventory of private brands like St. John's Bay and Stafford. The chain said it also had significant sales increases in national brands including Nike, Carter's, Dockers and Levi's. Ullman said that the company is working on restoring the proper mix of private, exclusive and national brand products so that it fits better with shoppers' wants and needs and results in fewer markdowns. The CEO said that the rise in October sales was particularly encouraging because the retailer was dealing with the federal government shutdown as well as a tough consumer environment. Gearing up for the holidays, Ullman said the company is ready to execute its aggressive plans. This includes opening its stores on Thanksgiving night. "We expect the holiday season to be extremely competitive, and we are ready to win," he said. J.C. Penney will report its third-quarter financial results on Nov. 20. Its stock rose more than 6 percent, or 48 cents, to $8.18 per share in morning trading. Shares have lost 61 percent of their value since the beginning of the year and 82 percent since early February 2012 when investor enthusiasm was high over Johnson's reinvention plan. At Costco, revenue at stores opened at least a year rose 3 percent in October, beating Wall Street's expectations for a 2.6 percent gain, according to Thomson Reuters. L Brands, owner of Victoria's Secret, Bath & Body Works and other retail outlets, reported that revenue at stores opened at least a year was up 8 percent in October, The results soared past a 2.2 percent gain that Wall Street analysts expected.
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