Aug. 14, 2014, 4:11 PM
Aug. 13, 2014, 5:35 PM
Aug. 13, 2014, 10:26 AM
- Department store stocks are lower after Macy's misses estimates with its Q2 report and warns on consumer spending.
- Decliners: Nordstrom (NYSE:JWN) -2.2%, Sears Holdings (NASDAQ:SHLD) -1.8%, Kohl's (NYSE:KSS) -2.7%, J.C. Penney (NYSE:JCP) -2.1%, Bon-Ton Stores (NASDAQ:BONT) -3.5%, Dillard's (NYSE:DDS) -2.2%.
- The downward comp sales revision from Macy's and the flat reading on U.S. retail sales growth appears to be impacting big-box retailers Target (TGT -1%) and Wal-Mart (WMT -0.9%) as well.
Aug. 13, 2014, 8:38 AM
- A warning from typically-resilient Macy's (NYSE:M) on consumer spending could send a chill into the retail sector.
- CEO Terry Lundgren says that many of the department store's customers aren't feeling comfortable about spending more in an "uncertain" economic environment.
- That analysis from a sector bellwether indicates a crowding out effect could be in play as consumers spend freely on housing, automobiles, and travel.
- On watch: KSS, JWN, DDS, JCP, BONT, LB, TLYS, CACH.
- Consumer discretionary-focused ETFs: XLY, XRT, VCR, RTH, RETL, FXD, FDIS, PMR, RCD
Aug. 5, 2014, 8:45 AM
- J.C. Penney (NYSE:JCP) announces the opening of its first store in Brooklyn.
- The store will give consumers a look at the new JCP model and will have 2.2K square feet devoted to a Sephora shop along with a heightened focus on the brodale and jewelry departments.
- "This location displays our commitment to mindful store growth in high potential markets," notes CEO Myron Ullman.
Jul. 14, 2014, 2:11 PM| 4 Comments
Jul. 2, 2014, 7:06 AM
Jun. 24, 2014, 12:07 PM
- Channel checks from Deutsche Bank indicate the promotional cadence in the retail sector has been dialed back a notch from the level seen in Q1.
- The investment firm sees less promotional activity from retail beasts Wal-Mart (WMT +0.3%) and Target (TGT +0.2%) - while department store chains such as Kohl's (KSS +0.7%), Nordstrom (JWN +0.6%), and Dillard's (DDS -0.1%) have also shown some improvement.
- J.C. Pennney (JCP +1%) is a tougher nut to crack for DB with its radical changes in pricing strategy making the year-over-year comparison less informative.
- Related ETFs: XLY, XRT, VCR, RTH, RETL, FXD, FDIS, PMR, RCD
Jun. 23, 2014, 8:51 AM| 3 Comments
Jun. 16, 2014, 3:32 PM
- A judge in New York rules J.C. Penney (JCP +0.1%) interfered with the terms of an exclusive deal between Macy's (M -0.5%) and Martha Stewart Living Omnimedia (MSO +8.7%) with its own deal with Martha Stewart.
- In a minor victory for J.C. Penney, Justice Jeffrey Oing didn't award punitive damages to Macy's due to a lack of "unequivocal" evidence the retailer was entitled to an award.
Jun. 12, 2014, 8:52 AM
- Department stores (DDS, M, SSI, BONT, SHLD, JCP, KSS, JWN) showed sluggish growth in May. Sales in the sub-category fell 1.4% M/M and 2.0% Y/Y.
- As expected, building material & garden sales (HD, LOW) showed some late-spring strength. Sales rose 1.1% M.M and 4.6% Y/Y.
- The catch-all miscellaneous store retailers category (ODP, PETM) packed the biggest month-over-month pop of all at 1.8%.
- Full Retail Sales report (.pdf)
May. 20, 2014, 8:31 AM| 7 Comments
May. 19, 2014, 9:28 AM
- J.C. Penney (JCP) discloses details on its $2.35B credit facility with a number of banks.
- The rate paid on the company's loan will be a LIBOR rate plus a spread (undisclosed).
- The maturity date of the credit facility is five years from the closing date.
- The current balance on the existing credit facility is $650M.
- SEC Form 8-K
May. 16, 2014, 12:46 PM
May. 16, 2014, 9:17 AM
May. 15, 2014, 5:41 PM
JCP vs. ETF Alternatives
JC Penney Co Inc sells merchandise and services to consumers through department stores and website at jcpenney.com. Its products include family apparel and footwear, accessories, fine and fashion jewelry, beauty products and home furnishings.
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