Even as Sales Fall, J.C. Penney CEO Vows to Stay Course
J.C. Penney reported a deeper-than-expected drop in quarterly sales at stores open at least a year, the department store chain's second straight quarter of severe sales losses since changing its pricing strategy last winter.
Same-store sales fell 21.7 percent during the second quarter, steeper than the 17.4 percent drop analysts were expecting, according to Thomson Reuters. Revenue tumbled 22.6 percent to $3.02 billion, also below Wall Street's low expectations.
In February J.C. Penney [JCP 22.10 0.70 (+3.27%) ] eliminated the use of coupons and discounts in favor of everyday low prices. The move has cost the 102-year-old retailer many shoppers.
Penney, whose customers are typically more price sensitive than those ofMacy's [M 38.12 0.11 (+0.29%) ], reported a net loss of $147 million, or 67 cents per share, for the second quarter, ended July 28, compared with a profit of $14 million, or 7 cents per share, a year ago.
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