J.C. Penney Plummets After Loss Renews Concerns About Industry

This is source I found from another site, main source you can find in last paragraph

Caption

Close

Image 1 of 25 Customers shop at the J.C. Penny Co. store inside the Glendale Galleria shopping center in Glendale on Friday, August 16, 2013. On Friday morning, the company followed Macy's, Kohl's and Dillard's in reporting declining sales in the second quarter. J.C. Penney also posted a deeper loss than analysts expected -- hurt by clearance sales -- sending the shares down as much as 17 percent in early trading. less Customers shop at the J.C. Penny Co. store inside the Glendale Galleria shopping center in Glendale on Friday, August 16, 2013. On Friday morning, the company followed Macy's, Kohl's and Dillard's in reporting ... more Photo: Patrick T. Fallon Image 2 of 25 Image 3 of 25

Click through this slideshow to see national retail stores that closed in 2017 and stores that may be next

American Apparel

Number of stores closed in 2017: 104

Click through this slideshow to see national retail stores that closed in 2017 and stores that may be next

American Apparel

Number of stores closed in 2017: 104

Photo: Spencer Platt / Spencer Platt / Getty Images Image 4 of 25 Buy photo

Macy's


Number of stores closed in 2017:
63

Macy's


Number of stores closed in 2017:
63

Photo: Liz Hafalia, The Chronicle Buy this photo Image 5 of 25

Sears

Number of stores closed in 2017:  42

Sears

Number of stores closed in 2017:  42

Photo: John Minchillo /Associated Press Image 6 of 25

JC Penney

Number of stores closed in 2017:  138

JC Penney

Number of stores closed in 2017:  138

Photo: Patrick T. Fallon Image 7 of 25

American Eagle Outfitters

Number of stores closed in 2017:  50

American Eagle Outfitters

Number of stores closed in 2017:  50

Photo: Roberto Machado Noa/LightRocket Via Getty Images Image 8 of 25

Abercrombie & Fitch

Number of stores closed in 2017:  60

Abercrombie & Fitch

Number of stores closed in 2017:  60

Photo: Northfoto | Shutterstock.com Image 9 of 25

Aeropostale

Number of stores closed:  154 stores in the next six months

Source: Forbes

Aeropostale

Number of stores closed:  154 stores in the next six months

Source: Forbes Photo: Anadolu Agency/Getty Images Image 10 of 25

Payless ShoeSource

Number of stores closed in 2017: 1,000

Payless ShoeSource

Number of stores closed in 2017: 1,000

Photo: Scott Eells /Bloomberg Image 11 of 25

LOFT

Number of stores closed:  tbd 

Source: ABC7 News

LOFT

Number of stores closed:  tbd 

Source: ABC7 News Photo: Sonia Recchia/WireImage Image 12 of 25

BCBG Max Azria

 

Number of stores closed in 2017: 120

BCBG Max Azria

 

Number of stores closed in 2017: 120

Photo: Bob Luckey Image 13 of 25

Wet Seal 

Permanent closure of all 171 stores 

Wet Seal 

Permanent closure of all 171 stores 

Photo: Justin Sullivan, Getty Images Image 14 of 25

GameStop

Number of stores closed in 2017:  100+ 

GameStop

Number of stores closed in 2017:  100+ 

Photo: Patrick T. Fallon, Bloomberg Image 15 of 25

Ann Taylor

Number of stores closed:  tbd 

Source: ABC7 News

Ann Taylor

Number of stores closed:  tbd 

Source: ABC7 News Photo: Andrew Burton Image 16 of 25

The Limited

Permanent closure of 250 stores

The Limited

Permanent closure of 250 stores

Photo: Eric Anderson Image 17 of 25

CVS

Number of stores closed in 2017:  70

CVS

Number of stores closed in 2017:  70

Photo: Michael Ciaglo/Houston Chronicle Image 18 of 25

Chico's

Number of stores closed in 2017:  120

Chico's

Number of stores closed in 2017:  120

Photo: Jeff Greenberg/UIG Via Getty Images Image 19 of 25

RadioShack

Number of stores closed in 2017:  552

RadioShack

Number of stores closed in 2017:  552

Image 20 of 25

Guess

Number of stores closed in 2017:  60

Guess

Number of stores closed in 2017:  60

Photo: Alan Diaz, Associated Press Image 21 of 25

Bebe

Permanent closure of all 175 stores 

Bebe

Permanent closure of all 175 stores 

Photo: Geri Lavrov / Contributor / Getty Images Image 22 of 25

Office Depot


Number of stores closed in 2017: 
100

Office Depot


Number of stores closed in 2017: 
100

Photo: Paul Sakuma, Associated Press Image 23 of 25

Family Christian

Number of stores closed in 2017:  240

Family Christian

Number of stores closed in 2017:  240

Photo: J. MICHAEL SHORT, SPECIAL TO THE EXPRESS-NEWS Image 24 of 25

Crocs


Number of stores closed in 2017: 
160

Crocs


Number of stores closed in 2017: 
160

Photo: Damian Dovarganes, STF Image 25 of 25 J.C. Penney plummets after loss renews concerns about industry 1 / 25 Back to Gallery

J.C. Penney is the bearer of more bad news for department-store investors.

On Friday morning, the company followed Macy's, Kohl's and Dillard's in reporting declining sales in the second quarter. J.C. Penney also posted a deeper loss than analysts expected -- hurt by clearance sales -- sending the shares down as much as 17 percent in early trading.

The results renewed fears that there's no end in sight for the department-store industry's drought. J.C. Penney Chief Executive Officer Marvin Ellison is trying to win back customers by expanding the company's partnership with cosmetic retailer Sephora and bolstering the assortment of high-price items, like appliances. The company is also pushing services like salons that require shoppers to come into stores. But progress has been slow.

RELATED VIDEO: J.C. Penny to close Richmond store

J.C. Pennyâs in Richmond opened in 1976. Itâs the Hill-Top Malls largest anchor store, but slow sales and an every changing customer base and technology is forcing Pennyâs to shut itsâ doors.

Media: KTVU

The company also is closing about 140 underperforming stores. And the liquidation of inventory in 127 of those locations hurt profit in the period, Ellison said in a statement.

"These events were isolated to the second quarter," he said, adding that the company expects to "deliver improved results in the back half of the year."

But investors saw little reason for optimism. The shares tumbled as low as $3.90 in premarket trading after the report was released. That followed a 43 percent decline this year through Thursday's close.

ALSO READ: JC Penney results extend a gloomy week for retailers

Same-store sales at J.C. Penney fell 1.3 percent in the period, which ended July 29. That compared with the 1.2 percent decline projected by analysts, according to Consensus Metrix. The loss was 9 cents a share in the second quarter, excluding some items. Analysts estimated a 4-cent deficit on average.

Still, overall revenue came in a bit above projections. The company posted $2.96 billion in net sales, compared with an estimate of $2.85 billion.

"While broader retail remains challenged, we are encouraged by the improved performance in our total apparel business, including a significant acceleration in kids' apparel," Ellison said.

This is source I found from another site, main source you can find in last paragraph

Source : http://www.timesunion.com/business/article/J-C-Penney-plummets-after-loss-renews-concerns-11750444.php

say

line

J.C. Penney plummets after loss renews concerns about industry
Falling sales at JC Penney renews concerns about department store industry
Sears plummets after disclosure sparks concern that end is near
Turnaround Tales from JC Penney, Best Buy
J.C. Penney plummets after loss renews concerns about industry
J.C. Penney shares plummet after loss renews concerns
J.C. Penney plummets after loss renews concerns about industry https://t.co/WhHa9rlKB8
J.C. Penney plummets after loss renews concerns about industry
J.C. Penney plummets after loss renews concerns