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JC Penny (NYSE:JCP) Reports being Overstocked in Almost Everything, Survey Says
JC Penny Co Inc., America's iconic and staple retailer was surveyed this month after just posting a drop in May sales of 4.4%. Tickermine researchers consulted 29 locations and asked: Which was the most popular women's line of clothing, which items are purchased the most, how is business compared with this time last year and does excess inventory exist?
St. Johns Bay is the most popular women's brand (cited by 10 respondents or 34%), followed by Levi's (5 respondents or 17%), A.N.A. (4 or 14%) and Worthington (3 or 10%). Other brands mentioned included Sag Harbor, Liz Baker, Diesel and Arizona (each mentioned once or by 3% of those polled.) Women's apparel remains the most popular choice of JC Penny shoppers, our respondents say, (19 or 66%) as well as children's apparel (4 or 14%), teen's apparel (3 or 10%), men's apparel (2 or 7%) and then pots and pans (1 or 3%). Four respondents or 13% said business is up from this time last year. And 8 people or 28% said dire weather was not impacting sales. Five respondents or 17% of those interviewed weren't sure if business had changed at all and most of those interviewed, 12 respondents or 41% said business hadn't changed from a year prior.
One troubling factor might be excess inventory. Seven respondents (24%) reported having too much women's apparel. Six respondents (21%) reported having excess for children's apparel. Five (17%) reported excess teens apparel, three (10%) said they had too much bedding linen and the same numbers reported having too much cookware. Two people, 7% reported being overstocked on household furnishings, another two people reported excess watches and jewelry and one person, 3% said they had too much men's apparel in stock.
54% of Kohl's Store (NYSE:KSS) Workers say the Weak Economy is Impacting Sales Now or Will Do Soon
Kohl's, America's popular department store was surveyed by Tickermine researchers this week after reports that its sales were up by 1.2 % and that the stores will become the exclusive retailer for Hang Ten, the clothing and accessories collection. 27 locations around the country were consulted about the pace of business, which woman's brand of clothing was selling best, whether there was any excess inventory in stock and is the weak economy and housing market impacting sales at all?
12 respondents or 45% described their business simply as "average." Four respondents or 16% reported business as "very strong," seven respondents or 28% reported it as "above average", two respondents or 8% saw it as "below average" and one person or 4% described business as "weak". 12 respondents or 45% said they had no excess inventory but more tellingly, 15 respondents or 55% said excess inventory exists. 10 respondents or 37%, also interestingly, felt that the economy and weak housing market was slowing sales. Four respondents or 16% said they couldn't feel the pinch now but suspected the economic climate would dampen business soon. Two respondents or 8% weren't sure either way while 11 respondents or 42% said the economic climate wasn't hurting them at all.
Simply Vera (Vera Wang) is selling best at Kohl's department stores (six respondents or 22%), ELLE is also selling well (4 respondents or 15%), followed by Croft and Barrow (3 or 11%), Daisy Fuentes (3 or 11%) and Sonoma (2 or 8% of those polled).