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J.C. Penney same-store sales plunge 21.7 per cent Add to ...

Globe and Mail - Aug 10, 2012

J.C. Penney Co Inc reported a deeper-than-expected drop in quarterly sales at stores open at least a year, leading to a big loss, in the department store chainís second straight quarter of severe sales declines since changing its pricing strategy last winter.

Same-store sales fell 21.7 per cent during the second quarter, steeper than the 17.4 per cent drop analysts were expecting, according to Thomson Reuters. Revenue tumbled 22.6 per cent to $3.02-billion (U.S.), also below Wall Streetís low expectations.

In February Penney eliminated the use of coupons and discounts in favor of everyday low prices. The move cost the 102-year-old retailer many shoppers.

The company last week debuted the first of its boutiques within a store, the other prong of Penneyís transformation that will eventually see each store carved into a collection of 100 spaces for brands such as Leviís, Jonathan Adler, and Betsey Johnson.

Read Full Article from Globe and Mail

- Posted: 2012-08-10 15:20:57


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