Penney has 1Q loss as new pricing repels shoppers

Tue, 05/15/2012 - 18:00 EDT - Yahoo! Business News

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Turns out, American shoppers don't prefer predictable pricing over blockbuster bargains — at least not yet.

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J.C. Penney Reports Hefty 3Q Loss
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 reports hefty loss
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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 ...
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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.
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Short Opportunity: J.C. Penney Is Losing Its Luster
By Adam Levine-Weinberg:As they say, what goes up must come down (although Apple (AAPL) might be an exception to the rule). In late January and early February, shares of J.C. Penney (
Penney's posts a 3Q loss (AP)

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Penney has 1Q loss as new pricing repels shoppers

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