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JCPENNEY EARNINGS DISASTER — SAME-STORE SALES TANK 32%

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Cincinnatus:
Oh, this is not good.

J.C. Penney's fourth-quarter earnings announcement is out.

The company announced an adjusted loss per share of $1.95, way below the per-share loss of $0.24 predicted by analysts.
 
Sales came in at $3.88 billion. Analysts were looking for $4.08 billion.
 
Same-store sales were down 32 percent in the fourth quarter.
 
Shares are down 8 percent in after-hours trading.
http://www.businessinsider.com/jc-penney-q4-2012-earnings-2013-2

collins:
Didn't they go all gay a little while back? Not sure if that's the biggest reason for this company's sucky figures and then there's Obama's absymal economy. His.

Cincinnatus:
Didn't they go all gay a little while back?

I don't know if "all" is the correct word but they did hire Ellen DeGeneres as their spokeswoman and I seriously doubt that was a great idea given its target market.

I don't think its problems result just from just that but I also think it didn't help. I know it made me less than eager to shop at Penneys but I'm a guy and don't do all that much "shopping" anyway.

Rapunzel:
JC's problem is the new CEO did not understand what kept JCP what it was, he took away the daily/weekly sales that drove people into the store and then they changed the merchandise to a younger demographic -- problem is there has been tons of stores catering to the younger demographic and those are the stores closing across America in DROVES.......  the best thing they can do to salvage the mess this man has created in the last 18 months is fire him and return to the formula that worked.... otherwise it will be bankrupt in no time flat.  In the same time Macy's has actually increased it's market share because the CEO of Macy's understands his clientele.

Atomic Cow:
The JCPenney here is old and dirty.  It hasn't been updated in 15+ years. On the rare times I go to the mall, I usually enter though it because there is always parking close to the doors.

The selection is hideous, especially for men.  Most of the non-dress clothes look like crap gang bangers would wear.  I think the last thing I purchased there was over 2 years ago and it was a pillow they had on sale for 75% off.

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