J. C. Penney Co., Inc. announced that its Web site, JCPenney.com, has reached a significant benchmark in e-commerce: $1 billion in annual sales.

One of the Internet's largest retail sites for apparel and home furnishings, JCPenney.com officially reached the billion-dollar mark on Friday, Jan. 13. Since its 1994 launch, JCPenney.com has posted sales gains of 30 to 50 percent per year, establishing as the largest department store Web site in operation, according to a company release.

“We recognized early on that e-commerce would be an important part of our business, and focused on creating an exceptional shopping venue while capitalizing on our comprehensive fulfillment capabilities,” said Myron E. Ullman III, J.C. Penney's chairman and chief executive officer, in the statement.

Penney's worldwide sales across all merchandise categories and channels was $18.4 billion in 2004, which includes $1.1 billion in jewelry and watch sales.

The company says it plans to expand its Web presence further, with new point-of-sale terminals being installed in J.C. Penney stores nationwide. The terminals will expand the merchandise selection for in-store customers by providing sales associates with access to jcpenney.com from their terminal screens to offer items not available in the store.

Online shoppers can also view and make payments on their Penney credit card accounts and browse weekly store advertisements for current sales and special offers. Web customers can have items delivered either directly to their homes or any of 1,017 stores. Additional cross-channel benefits include the ability to return items bought online to any Penney store for a refund or exchange.

Source : Nationaljeweler.com

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