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More on J.C. Penney's (JCP) Q4: No sign of relief for investors just yet as the firm reports...

  • Wednesday, February 27, 4:44 PM ET
    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)
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This news story has 9 comments:

  •  
    Not a surprise, $JCP is garbage. Hit their store in mid-January on Saturday at 3pm. EMPTY!
    27 Feb, 04:45 PM Reply Like
  •  
    This has been the longest, most painful death of a company I have ever seen... (I'm young!)
    27 Feb, 04:46 PM Reply Like
  •  
    Sears is hanging on, as well... Maybe Eddie should buy up JCP, too.
    27 Feb, 04:51 PM Reply Like
  •  
    JCP reminds me of Circuit City; margins slowly erode, competitors take customers for various products over time and there is really no impetus to visit the store. Wait till the debt covenants are pushed and see if the debt holders have patience. I think not-dead money!
    27 Feb, 04:49 PM Reply Like
  •  
    What's the next phase of their desperate experiment at converting the dowdy retailer into a trendy retailer? Tattoo shops and nail bars?
    27 Feb, 05:03 PM Reply Like
  •  
    "the firm reports comparable store sales fell 31.7%"

    just letting that one linger. holy moly
    27 Feb, 05:24 PM Reply Like
  •  
    It was absurd to think AAPL mgmt style would translate over to JCP.
    27 Feb, 05:43 PM Reply Like
  •  
    Never though I'd be ashamed to admit I worked for JCP for most of my life!
    27 Feb, 07:46 PM Reply Like
  •  
    You don't need to be ashamed that you worked for this once fine company, be ashamed that there are people in this country who would rape and plunder a company like this for personal gain, and not be stopped by someone before the deed was done! James Cash Penney would have never hired a loser like RJ.
    28 Feb, 09:37 AM Reply Like
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