real-time news and commentary for investors
Wednesday, Feb 27
More on J.C. Penney's (JCP) Q4: No sign of relief for investors just yet as the firm reports...
More on J.C. Penney's (JCP) Q4: No sign of relief for investors just yet as the firm reports comparable store sales fell 31.7%, below the consensus call of -26.9%. Customer are fleeing, but no give up from CEO Ron Johnson: "...we are energized by our shop roll out plans." Gross margin was crushed, falling to 23.8% of sales vs. 30.2% last year. Internet sales slumped again, losing 34.4% Y/Y just marginally better than last quarter's 37% nosedive. Cash position $930M at end of Q4. No guidance is issued, but the retailer says it will open 20 shops geared toward home products in 505 stores with brand partners. JCP -4.4% AH. (PR)