J.C. Penney same-store sales fall more than expected, shares drop GlobeBusiness
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 per cent in premarket trading.
One of the oldest names in American retail, J.C. Penney has struggled to excite customers with its mid-priced clothing and has steadily lost out to fast-fashion brands and online shopping.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 per cent in the first quarter, its sixth straight quarterly drop. Analysts, on average, had expected a 4.21 per cent fall, according to IBES data from Refinitiv.
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