JC Penney’s Slip Follows Import Slide, China Not a Risk For Now — Panjiva


JC Penney’s Slip Follows Import Slide, China Not a Risk For Now

Cons. Discr. - Apparel 214 Cons. Discr. - Durables 107 Cons. Discr. - Retailing 156 Earnings 365 U.S. 3297

JC Penney reported a 5.4% decline in same-store sales for the fiscal third quarter, ending Oct. 31, compared to a 0.6% drop expected by analysts surveyed by S&P Global Market Intelligence. The firm also expected a “lower single digits” percentage slide in sales for the full year. That’s not a surprise given the decline in the firm’s U.S. seaborne imports. Shipments in the three months to Sept. 30 fell 13.2% on a year earlier, while in October they declined by a further 4.0%. Furniture and homewares were the main culprits with a 17.4% drop in the third quarter and 22.5% in October. T...

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