- J.C. Penney Co Inc reported a steeper-than-expected fall in quarterly comparable-store sales on Tuesday after the retailer exited its appliance and in-store furniture categories, sending shares down 10% in premarket trading.
The retailer, which earlier this year said it would stop selling major appliances like fridges and washing machines, said leaving those categories cut comparable sales by 20 basis points. Penney has tried to strengthen its apparel business to compete with online retailers like Amazon.com Inc and off-price retailers like TJX Cos Inc.
Sales at stores open for at least 12 months fell 5.5% in the first quarter, its sixth straight quarterly drop. Analysts, on average, had expected a 4.21% fall, according to IBES data from Refinitiv.
Yep...
JC Penny’s used to have a wonderful selection of affordable basic nice clothes—even complete tuxedos in stock for just $150. I had one for each of my yo yo diet plateaus...
Get out of the malls, fast
Last time I was in a JCPennys it was depressing.
I passed by a closed down Sears store. It made me sad. So sorry to J.C. Penney Stores go away too.
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