J.C. Penney Same Store Sales Declined In Second Quarter

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Sales at established J.C. Penney stores faded again during its most recent quarter, capping a gloomy week for U.S. retailers.

J.C. Penney’s stock sunk below $4 Friday morning, an all-time low for the 115-year-old retailer.

Another quarter of falling same-store sales from J.C. Penney come a day after similar reports from Macy’s, Kohl’s and Dillard’s, as people increasingly avoid malls and shop online or at discount retailers. Nordstrom stood alone, reporting that its same-store sales rose in the most recent quarter, when it held its annual anniversary sale.

At established J.C. Penney stores, sales fell 1.3 percent during the second quarter. It was the fourth straight quarter of declines for the department store, and it was worse than the 1.2 percent drop that Wall Street analysts expected, according to financial analytics providers FactSet.

J.C. Penney said its results were hurt by the closing of about 130 stores during the quarter.

J.C. Penney, which has about 875 stores left, is making a number of moves to try to reverse its fortunes. The company, which started to sell appliances again last year, said it signed a new deal to sell Electrolux and Frigidaire products. Ellison said he wasn’t concerned about Amazon’s plans to sell Kenmore appliances on its site, a deal Sears announced last month.

— Associated Press

FOOD E.U. to meet on egg contamination

The European Union said Friday that it plans to hold an extraordinary meeting next month over a growing tainted egg scandal as it revealed that products contaminated with an insecticide have now spread to 17 countries.

Millions of eggs have been destroyed or pulled from supermarket shelves since July 20, when it was made public that the pesticide Fipronil, which is dangerous to human health, was found mixed with the treatment Dega 16, which is sprayed on chickens for ticks, fleas and lice.

The scandal has caused major political fallout, with Belgium, the Netherlands and Germany arguing over who is to blame, and who knew what and when. Poultry farmers have been hit the hardest and are blaming the chemical industry for compromising their business.

— Associated Press

Also in Business

Plaintiffs suing General Motors over faulty ignition switches and other alleged vehicle defects have reached a $1 billion settlement requiring the automaker to turn over that amount of stock, a lawyer for the plaintiffs said in a court hearing on Friday. GM lawyer Richard Godfrey strongly criticized the agreement, saying the company was given no say in the deal negotiated between the plaintiffs and a trust set up for creditors of “Old GM.”

Netflix is in “active discussions” with Walt Disney about keeping Marvel and “Star Wars” films after 2019 when new Disney and Pixar movies will stop appearing on the streaming service, a senior Netflix executive said Thursday. Disney announced Tuesday that it was pulling new films from Netflix starting in 2019 and will put the movies on a Disney-branded online service.

Consumer prices posted a slight gain in July, with higher costs for medical care and clothing offsetting declines for hotel stays and consumer cellphone plans. The Labor Department said Friday that its consumer price index edged up 0.1 percent after no gain in June and a 0.1 percent fall in May.

— From news services

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

Source : https://www.washingtonpost.com/business/economy/jc-penney-same-store-sales-declined-in-second-quarter/2017/08/11/617e88f8-7e91-11e7-a669-b400c5c7e1cc_story.html



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