Department stores have for years been struggling with declining mall traffic as well as tough competition from online retailers such as Amazon.com Inc and off-price stores such as TJX Cos Inc . Penney, however, stood by its full-year same-store sales forecast, as did Macy's, Kohl's and Nordstrom. J.C. Penney posted a steeper-than-expected drop in same-store sales for the first quarter, mirroring reports from Macy's Inc , Kohl's Corp and Nordstrom Inc on Thursday. [nL4N1G93S6] Like its rivals, Penney has also sought to speed up its supply chain and revamp how it replenishes stores. U.S. Commerce Department data has shown that sales at online retailers have outpaced sales at clothing stores almost every month for some time now.
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J.C. Penney Co Inc on Friday joined other department store chains in reporting a steeper-than-expected drop in same-store sales for the first quarter, sending the company's facebook/" target="_blank">shares tumbling premarket to near record low levels. The stock is close to dropping past its record low of $4.90, hit in February 2014. Analysts on average were expecting a loss of 21 cents per share, according to Thomson Reuters I/B/E/S. Sales at clothing stores fell 0.5 per cent in April, while sales at online retailers, such as Amazon.com Inc, jumped 1.4 per cent, according to data released by the Commerce Department data on Friday. Penney's net sales dropped 3.7 per cent to $2.71-billion, declining for the third straight quarter and just short of the average analyst estimate of $2.77-billion, according to Thomson Reuters I/B/E/S.
ReutersREFILE-UPDATE 2-J.C. Penney tumbles as department store gloom deepens(Corrects spelling of "Penney" in paragraph 4 and 12) May 12 (Reuters) - J.C. Penney Co Inc on Friday joined other department store chains in reporting a steeper-than-expected drop in same-store sales for the first quarter, sending the company's facebook/" target="_blank">shares tumbling premarket to near record low levels. Sales at Penney's stores open more than a year dropped 3.5 percent, steeper than the 0.7 percent decline estimated on average by analysts polled by research firm Consensus Metrix. Analysts on average were expecting a loss of 21 cents per share, according to Thomson Reuters I/B/E/S. [nGNE6kXDmx] Excluding items, the company said it earned a profit of 6 cents per share. The stock is close to dropping past its record low of $4.90, hit in February 2014.
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J.C. Penney stock nears record low as department store gloom deepens
J.C. Penney Co Inc on Friday joined other department store chains in reporting a steeper-than-expected drop in same-store sales for the first quarter, sending the company's facebook/" target="_blank">shares tumbling premarket to near record low levels. The stock is close to dropping past its record low of $4.90, hit in February 2014. Analysts on average were expecting a loss of 21 cents per share, according to Thomson Reuters I/B/E/S. Sales at clothing stores fell 0.5 per cent in April, while sales at online retailers, such as Amazon.com Inc, jumped 1.4 per cent, according to data released by the Commerce Department data on Friday. Penney's net sales dropped 3.7 per cent to $2.71-billion, declining for the third straight quarter and just short of the average analyst estimate of $2.77-billion, according to Thomson Reuters I/B/E/S.
REFILE-J.C. Penney tumbles as department store gloom deepens
ReutersREFILE-UPDATE 2-J.C. Penney tumbles as department store gloom deepens(Corrects spelling of "Penney" in paragraph 4 and 12) May 12 (Reuters) - J.C. Penney Co Inc
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