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.
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 ...
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.
By Achilles Research:J.C. Penney (JCP) delivered Q3 results on Wednesday. Net sales came in at $2.78 billion vs. $2.93 billion in Q3 2012 (down 5.1%). J.C. Penney's gross margin stood at 29.5% in Q3 2013 vs. 32.5% in Q3 2012. The company also reported a loss per share of $1.94 in the third quarter 2013 compared to a loss of $0.56 in Q3 2012.
By Achilles Research:Bill Ackman took about a $400 million loss on J.C. Penney (JCP), a retail investment that didn't quite work out for him as intended. His hedge fund has given up on bringing change to the board and the company buy selling its stake to Citigroup for $500 million. Ackman's J.C.