real-time news and commentary for investors
Tuesday, Aug 20
Shares of J.C. Penney higher despite triple miss
- J.C. Penney (JCP) misses estimates for revenue, profit, and comparable store sales growth during its FQ2 as the retailer had to turn to high levels of markdowns to clear inventory.
- The company takes a direct shot at ex-CEO Ron Johnson by noting its prior "failed" merchandising and promotional strategies.
- Gross margin down 360 bps to 29.6% of sales. (PR)
- JCP +3.6% premarket. A sequential improvement in sales through the month - reported to have continued into August - may be offering investors some relief that the sales decimation has finally bottomed out.