J.C. Penney Posts Worse-Than-Expected Drop in Sales

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J.C. Penney Co. reported a bigger-than-expected loss in the third quarter on plummeting sales as customers continue to reject its move get rid of blockbuster sales in favor of everyday low pricing.

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comes weeks after the department store operator said it had a worse-than-expected 18.9 percent drop in same-store sales for the first quarter as it tried to wean consumers off of coupons and frequent.

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J.C. Penney Co. Inc. shares plunged nearly 20 percent yesterday, their worst decline ever, wiping away $1.43?billion in market value a day after the retailer shocked Wall Street with a drop in sales.

June 5 (Reuters) – J.C. Penney Co Inc is bringing. less than a sale and a coupon. Last month, Penney reported same-store sales during the first three months of the new pricing model fell a far.

J.C. Penney posts worse-than-expected drop in same-store sales, share drop. Reuters – Reuters Editorial. 3 Must-Know Trends To Watch Ahead of This Week’s Retail Earnings Reports. Footwear News – Samantha McDonald. J.C. Penney -9% after EBITDA miss.

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New York – J.C. Penney withdrew its profit guidance and lowered its sales expectations for the year, leading to a big drop in its stock in early trading. s Stores CEO who was named to Penney’s top.

The company blamed strategies instituted during the short tenure of prior chief executive Ron Johnson, the Apple alum who left his J.C. Penney post in April. also pointed to several promising signs.

Update: J.C. Penney CEO salvages earnings disaster The mid-price department store chain reported a bigger-than-expected loss and plummeting sales during the second quarter. loss of 25 cents and a.

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