Where People Who Follow News Follow News

THE NEWS COMMENTER

Screenshot Cnbc.com
VOTE  (0)  (0)

JC Penney's same-store sales climb, retailer's shares pop


Added 11-10-17 08:02:01am EST - “Just last month, J.C. Penney slashed its full-year profit and sales outlook, citing a hit due to heavy discounting.” - Cnbc.com

CLICK TO SHARE

Posted By TheNewsCommenter: From Cnbc.com: “JC Penney's same-store sales climb, retailer's shares pop”. Below is an excerpt from the article.

J.C. Penney reported a bigger-than-expected increase in quarterly same-store sales, as the department store chain's latest efforts to liquidate excess inventory and refresh its apparel business showed signs of progress.

Here's what Penney's reported, compared to what Wall Street was expecting, based on a Thomson Reuters survey of analysts:

"During the third quarter, we took aggressive actions to clear slow-moving inventory, primarily allowing for an improved apparel assortment heading in to the Holiday season," Chief Executive Marvin Ellison said in a statement.

"While these actions had a negative short-term impact on profitability in the third quarter, we firmly believe it was the right decision for the Company as we transition into the fourth quarter and fiscal 2018," Ellison added.

Total net sales fell 1.8 percent, to $2.81 billion, in the fiscal third quarter, compared to $2.86 billion a year ago. The drop was attributed to Penney's latest store closures.

Read more...

Post a comment.

CLICK TO SHARE

BACK TO THE HOME-PAGE