PARIS: U.S. sales at beauty retailer Sephora picked up in the second quarter after a sluggish end to 2018, its parent LVMH said on Wednesday, citing its continued tie-up with U.S. department store J.C. Penney .
It described working with advisers as"taking positive and proactive measures, as we have done in the past, to improve our capital structure and the long-term health of our balance sheet," and said the company maintained a"strong liquidity position." "We're not in all the stores but in a large amount of them. The business is not as good as it used to be but is nevertheless quite favorable," LVMH Financial Director Jean-Jacques Guiony told analysts after the group posted second-quarter sales."We are one of the pockets of growth of J.C. Penney, we are important to them, they are important to us," Guiony said.
The beauty retailer has pushed rapidly into the United States in recent years, taking on rivals like Ulta , in part by building out stores within JCPenney premises under a partnership that started in 2006.
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