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Related: About this forumJ.C. Penney store closings in works after sad holiday sales
J.C. Penney store closings in works after sad holiday sales
FEBRUARY 28, 2019 / 8:56 AM / AP
J.C. Penney said it is closing more stores after a weak holiday sales season after fourth-quarter income tumbled nearly 70 percent and revenue slid 8 percent.
The retail company's results during the holiday sales season did beat Wall Street expectations, and shares jumped 18 percent before the opening bell Thursday.
The company's net income was $75 million, or 24 cents per share, for the quarter. That compares with $242 million, or 77 cents per share, a year ago. Revenue was $3.78 billion, also beating analyst expectations, according to a survey by FactSet. . ... Same-store sales fell 4 percent, and the company says it's closing 18 JCPenney stores, although some outside reports have noted 24 closures coming.
CEO Jill Soltau, who took over the struggling retailer last October after several years running Jo-Ann Stores, said in a statement: "Based on everything I have seen and heard, I am even more convinced that JCPenney is a revered brand that has the capacity to deliver improved results. In spite of our past financial performance, we have already taken meaningful steps to drive improvement in key businesses such as women's apparel, active apparel, special sized apparel and fine jewelry."
First published on February 28, 2019 / 8:56 AM
© 2019 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.
FEBRUARY 28, 2019 / 8:56 AM / AP
J.C. Penney said it is closing more stores after a weak holiday sales season after fourth-quarter income tumbled nearly 70 percent and revenue slid 8 percent.
The retail company's results during the holiday sales season did beat Wall Street expectations, and shares jumped 18 percent before the opening bell Thursday.
The company's net income was $75 million, or 24 cents per share, for the quarter. That compares with $242 million, or 77 cents per share, a year ago. Revenue was $3.78 billion, also beating analyst expectations, according to a survey by FactSet. . ... Same-store sales fell 4 percent, and the company says it's closing 18 JCPenney stores, although some outside reports have noted 24 closures coming.
CEO Jill Soltau, who took over the struggling retailer last October after several years running Jo-Ann Stores, said in a statement: "Based on everything I have seen and heard, I am even more convinced that JCPenney is a revered brand that has the capacity to deliver improved results. In spite of our past financial performance, we have already taken meaningful steps to drive improvement in key businesses such as women's apparel, active apparel, special sized apparel and fine jewelry."
First published on February 28, 2019 / 8:56 AM
© 2019 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.
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J.C. Penney store closings in works after sad holiday sales (Original Post)
mahatmakanejeeves
Feb 2019
OP
sinkingfeeling
(51,457 posts)1. I love Penney's. Buy most of my clothes from them.
Sherman A1
(38,958 posts)2. Sad to see this coming to pass
hate to see the jobs lost.
rsdsharp
(9,182 posts)3. It is sad.
I grew up in a small town in NE Iowa. We had a Sears, a Penny' and a Wards, all within a couple of blocks. All three did a brisk business. Wards is long gone, and Sears and Pennys are getting close.
What's encouraging, is that even though Wards went out of business in 2000, it was acquired by a catalog marketer, and relaunched as an online company in 2004. What made Sears great was its catalog sales. Had they followed that model, and expanded it to online sales, they would likely be healthy today.