Popular Posts Last 7 days_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts Last 30 days_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts Last year_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts All time_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Islamophobia_$type=carousel$h=350$show=/search/label/Muslim%20World

Saudi Arabia$type=two$count=2$h=250$space=1$icon=1$m=0$sn=0$rm=0$show=/search/label/Muslim%20World

Iran_$type=three$count=3$h=250$space=1$icon=1$m=0$sn=0$rm=0$show=/search/label/Muslim%20World

Palestine$type=three$author=hide$comment=hide$rm=hide$date=hide$show=/search/label/Muslim%20World

J.C. Penney chops full-year forecasts after clearance sale

SHARE:

FILE PHOTO: The sign at the entrance of a J.C. Penney store is pictured in Arcadia, California March 1, 2013.

J.C. Penney Co Inc’s shares plunged 24 percent on Friday after the U.S. department store chain slashed its 2017 profit and comparable sales forecasts as it sold stagnant inventory at heavy discounts ahead of a holiday-season refresh.

Penney, like Macy’s Inc and Kohl’s Corp, has been struggling with declining demand for apparel, the mainstay of department stores, due to tough competition from off-price retailers as well as Amazon.com Inc.


Penney’s response has been to lower its dependence on apparel by expanding in other categories such as appliances and toys.

The latest round of heavy discounting was across Penney’s apparel lines, with the women’s section singled out for an overhaul to expand its inventory of casual and contemporary merchandise.

“We took the necessary steps to accelerate inventory liquidation primarily across all apparel divisions, which increases available funding to invest in new and trending merchandise categories,” Chief Executive Marvin Ellison said in a statement.

Penney’s shares tumbled 24 percent to $2.77 in premarket trading. Macy’s dropped 5.5 percent and Kohl’s nearly 3 percent.

Department stores try to clear out leftover inventory ahead of the holiday-shopping quarter to stock up on fresh merchandise for the biggest selling season of the year.

Penney estimated it would post an adjusted loss of 40-45 cents per share in the quarter ending Oct. 28, much bigger than analysts average estimate of 18 cents, according to Thomson Reuters I/B/E/S.

The company also said it now expects full-year comparable sales to be flat at best, while it had earlier forecast that sales could increase as much as 1 percent.


J.C. Penney also slashed its full-year adjusted earnings forecast to 2-8 cents per share, from 40-65 cents.

Penney also said Chief Financial Officer Jeffrey Davis would oversee the company’s pricing and planning policies to improve its predictive analytics capabilities and get a better view of current sales trends.

COMMENTS

Name

Ads,5,Afghanistan,75,Africa,26,Americas,5,Animals,36,Argentina,1,Asia,235,Australia,11,Austria,5,Bahrain,2,Bangladesh,18,Barcelona,1,Belgium,3,Brunei,1,Business,1300,Canada,4,Catalan,80,China,118,Cuba,3,Czech Republic,3,DR Congo,1,Egypt,22,Ethiopia,1,Europe,237,Fitness,14,France,26,Germany,37,Headlines,11,Health,169,Hillary Clinton,199,Hong Kong,2,Hungary,1,Iceland,1,India,104,Indonesia,9,International,75,Iran,77,Iraq,77,Ireland,2,Islamophobia,19,Israel,10,Italy,3,Japan,36,Jordan,1,Kenya,7,Kosovo,1,Kuwait,3,Lebanon,2,Libya,2,Lifestyle,302,Lithuania,1,Malawi,1,Malaysia,15,Malta,1,Maxico,3,Middle East,127,Muslim World,598,Myanmar,35,Nawaz Sharif,5,Nepal,3,Netherlands,2,New Zealand,9,Niger,1,Nigeria,2,Nobel Prize,81,North Korea,53,Norway,1,Opinion,26,Pakistan,1036,Palestine,36,Philippine,16,Pics,66,Poland,3,Popular,1,Qatar,93,Rohingya,118,Russia,45,Rwanda,1,Saudi Arabia,83,Science,144,Serbia,2,Showbiz,350,Somalia,4,South Africa,1,South Korea,7,Spain,60,Sports,1311,Sudan,1,Sweden,1,Switzerland,2,Syria,112,Taiwan,2,Technology,449,Thailand,5,Today IN History,24,Top News,994,Tunisia,1,Turkey,77,U.S.,301,UAE,21,UK,51,Ukrain,2,Venezuela,4,Videos,75,Vietnam,2,World,4824,Yemen,21,Zimbabwe,2,
ltr
item
Muslim Global: J.C. Penney chops full-year forecasts after clearance sale
J.C. Penney chops full-year forecasts after clearance sale
J.C. Penney Co Inc’s shares plunged 24 percent on Friday after the U.S. department store chain slashed its 2017 profit and comparable sales forecasts as it sold stagnant inventory at heavy discounts ahead of a holiday-season refresh. Penney, like Macy’s Inc and Kohl’s Corp, has been struggling with declining demand for apparel, the mainstay of department stores, due to tough competition from off-price retailers as well as Amazon.com Inc.
https://2.bp.blogspot.com/-Tqej350_I-8/WfM1AxgoOdI/AAAAAAAAlYk/HeEpptLJklgWMXf9YXH3HlmHs7TWhPURACLcBGAs/s640/The%2Bsign%2Bat%2Bthe%2Bentrance%2Bof%2Ba%2BJ.C.%2BPenney%2Bstore%2Bis%2Bpictured%2Bin%2BArcadia%252C%2BCalifornia%2BMarch%2B1%252C%2B2013.jpg
https://2.bp.blogspot.com/-Tqej350_I-8/WfM1AxgoOdI/AAAAAAAAlYk/HeEpptLJklgWMXf9YXH3HlmHs7TWhPURACLcBGAs/s72-c/The%2Bsign%2Bat%2Bthe%2Bentrance%2Bof%2Ba%2BJ.C.%2BPenney%2Bstore%2Bis%2Bpictured%2Bin%2BArcadia%252C%2BCalifornia%2BMarch%2B1%252C%2B2013.jpg
Muslim Global
http://www.muslimglobal.com/2017/10/jc-penney-chops-full-year-forecasts.html
http://www.muslimglobal.com/
http://www.muslimglobal.com/
http://www.muslimglobal.com/2017/10/jc-penney-chops-full-year-forecasts.html
true
616431133175714168
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy