NEW YORK — J.C. Penney Co. reported a bigger-than-expected loss in the third quarter on plummeting sales as customers continue to reject its move get rid of blockbuster sales in favor of everyday low pricing. Friday’s report marks the third consecutive quarter of losses and steep sales declines since the mid-priced department store chain get rid of hundreds of sales it used to offer each year and instead cut prices permanently about 40 percent throughout the store.
Loblaw Companies Ltd.’s blockbuster offer to buy Shoppers Drug Mart Co. for $12.4-billion shows Canadian grocers are hungry for pharmacy companies.
It’s a match that makes sense, and investors certainly think so.
Shares in Shoppers Drug Mart were up 26.53% just after 11:00 a.m. on Monday, a gain of $12.84, to $61.24. The Loblaw-Shoppers deal is the biggest retail acquisition in Canadian history.
J.C. Penney Co. reported a loss of $87 million in the fourth-quarter due in part to costs related to its bold new pricing strategy that involves ditching blockbuster sales for everyday low prices.In recent ...
Leesburg (United States) (AFP) - The traditionalists don't like it, but the "Black Friday" shopping frenzy is as much a part of the Thanksgiving holiday in the United States as turkey and pumpkin pie. And it's only Thursday.
Lowe's reported a 44% decline in store profits today and blamed store closings. What are other retailers doing?
First consider Store Closings Slam Lowe's Profit
Lowe's Cos.' fiscal-third-quarter earnings fell 44% as store-closing charges masked the home-improvement retailer's slightly improved same-store sales.
Distressed retailer J. C. Penney is expected to post its ninth straight quarterly loss.This quarter the buy-side as represented by the Estimize.com community is expecting J. C. Penney to lose less money than Wall Street is forecasting and to bring in more revenue.On Thursday contributing analysts on the Estimize.com platform expect J. C. Penney to beat Wall Street's loss expectation by 13c per share and for revenue to grow by 5% on a year over year basis.