JC Penny shares sink on $203 million loss
“JC Penney’s stock tumbled 8% Friday in premarket trading, after the department store posted a $203 million loss for the third quarter,” Hibah Yousuf reports for CNN Money.
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“The retailer continues to struggle amid a massive overhaul effort. JC Penney’s loss amounted to 93 cents a share for the quarter, more than thirteen times worse than what analysts were expecting,” Yousuf reports. “And sales at stores open at least a year declined more than 26% , the most since CEO Ron Johnson took the helm a year ago. The company’s total sales of $2.9 billion were also well below consensus expectations.”
Yousuf reports, “‘Today, JCP is really a tale of two companies,’ said Johnson in a statement. ‘By far the largest part of our store is the old JC Penney, which continues to struggle and experience significant challenges as evidenced by our third quarter results. However, the new JCP, centered around the shop concept, is gaining traction with customers every day and is surpassing our own expectations in terms of sales productivity which continues to give us confidence in our long term business model.’”
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