REUTERS: J.C. Penney Co Inc reported a smaller-than-expected quarterly loss on Thursday, as the department store operator's efforts to cut costs and shutter unprofitable businesses paid off, sending shares of its penny stock higher by as much as 14per cent.
Penney's sales continue to fall, down 9per cent in the quarter, and it forecast that comparable sales would drop in 2019 between 7per cent and 8per cent, worse than current analysts' expectations, according to Refinitiv data. "With the exponential growth in resale, there's no doubt that demand for affordable luxury is at an all-time high," Soltau said."There's an emotional thrill that comes with finding a high-quality, secondhand products for much less."
Earlier this year, Soltau chose to stop selling major appliances and furniture in store, re-focusing on the retailer's once-thriving and higher-margin apparel business.
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