Economy

JC Penney reports wider quarterly loss (JCP)

JC Penney reports wider quarterly loss (JCP)”

Penney's stock plummeted 15 percent to below $4 a share in premarket trading Friday.

Department store operator J.C. Penney Co Inc reported a wider loss as it margins took a hit from the liquidation of inventory in stores it was closing.

For the second quarter, the Company's net loss was 62 million US dollars, or 20 cents per share, compared to a net loss of 56 million dollars, or 18 cents per share in the same period past year. So far this year, it has lost $242 million, nearly twice the loss in the comparable period of 2016.

Net sales rose 1.5 per cent to US$2.96 billion.

Looking to cut costs and make more money from its sprawling real estate assets, Penney's, like Macy's, has been shuttering stores in failing malls, putting pressure on its bottom line.

Adjusted net loss was 28 million dollars, or 9 cents per share, for the second quarter this year compared with an expected loss of 5 cents, according to analysts surveyed by Thomson Reuters.

However, Penney highlighted improved performance in its apparel business, including a "significant acceleration" in kids' apparel. "Nordstrom is really in a league of its own", said Neil Saunders, managing director of research firm GlobalData Retail. "But given Penney's high level of indebtedness - long term debt is $3.8 billion, enormous for an unprofitable company generating less than $12 billion in annual sales - [the second-quarter] results are particular worrisome to investors concerned Penney is unable to fix its business", Fortune said.



Like this

loading...
loading...

Latest


12 August 2017
Series opener postponed, split doubleheader on Sunday
The series opener between the San Francisco Giants and the Washington Nationals was rained out Friday night at Nationals Park. The Nationals took a PR hit when failing to immediately tell fans, many of whom booed when the announcement finally was made.

12 August 2017
Barrick Gold Corporation Target of Unusually Large Options Trading (ABX)
Toronto Dominion Bank increased Baker Hughes Inc (NYSE:BHI) stake by 60,384 shares to 72,779 valued at $4.73M in 2016Q4. Ten equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock.

12 August 2017
Paul Pogba: 'Manchester United want to win everything'
Winning everything! A player has a great season when the team does great. The former Manchester United manager has doubts over the midfielder.

12 August 2017
Conor McGregor Says Floyd Mayweather Jr. Won't Last Two Rounds Against Him
"It won't go the distance", said Mayweather , the victor of a slew of titles in various weight classes. Even Mayweather was talking McGregor up this week when he said: "He's a lot younger".

12 August 2017
County schools plan a 'phenomenal' extended day for upcoming solar eclipse
The school system announced on Facebook Friday that students will be released from school one hour later than normal August 21. Charles County, have acquired eclipse glasses for all students and are planning eclipse viewings and lessons for August 21.

12 August 2017
Aetna Inc. (NYSE:AET) Stake Decreased by New Mexico Educational Retirement Board
Wagner Bowman Management Corp acquired a new stake in shares of Aetna during the second quarter valued at approximately $205,000. Following the completion of the sale, the chairman now directly owns 659,888 shares in the company, valued at $92,905,631.52.

12 August 2017
'Mother Teresa of Pakistan' dies at age 87
In his condolence message, Hussain said that Dr Pfau had left her homeland and settled in Pakistan to serve humanity. She will be laid to rest in a Christian Cemetery, located at Shahrah-e-Faisal, Karachi .

12 August 2017
Liberty Media Corporation (BATRK) Given Consensus Recommendation of "Sell" by Brokerages
Keeping an eye on Moving Averages, the 50-day is 46.79, the 200-day is at 45.13, and the 7-day is 45.31 for Ameris Bancorp (ABCB). Equities research analysts anticipate that Liberty Media Corporation will post $1.80 earnings per share for the current year.

12 August 2017
Scott struggling on day two at PGA Champs
Both Fowler and Koepka have been installed as the betting favorites by the Superbook heading into the second round of play. Cauley has two top-five finishes this season, but he is still searching for his first-career PGA Tour win.

12 August 2017
Mega Millions winning numbers announced for $393M jackpot
Tuesday's Mega Millions jackpot was $350 million and the winning numbers were 11, 17, 50, 52 and 74, with the Mega Ball 14. Mega Millions gave players a chance this week to fantasize about one of the largest lottery jackpots ever.