×
81 207
Fashion Jobs
ULTA BEAUTY, INC.
Retail Sales Manager
Permanent · Fort Collins
GAP INC
Asset Protection Service Representative
Permanent · Atlantic City
ABERCROMBIE AND FITCH CO.
sr. Art Director - Abecrombie Kids
Permanent · Columbus
ABERCROMBIE AND FITCH CO.
Art Director - Abercrombie & Fitch, E-Commerce
Permanent · Columbus
ABERCROMBIE AND FITCH CO.
sr. Art Director - Abercrombie & Fitch
Permanent · Columbus
ABERCROMBIE AND FITCH CO.
Business Intelligence (bi) Analytics Engineer
Permanent · Columbus
NIKE
Senior Director, HR Core Operations Services Transformation
Permanent · Beaverton
CONVERSE
Customs, Compliance And Trade Manager
Permanent · Boston
RALPH LAUREN
Sales Supervisor
Permanent · Boston
L'OREAL GROUP
District Sales Manager (Saloncentric) - Los Angeles, ca
Permanent · Los Angeles
NORDSTROM
Asset Protection - Agent - Thousands Oaks
Permanent · Thousand Oaks
KOHLS
Loss Prevention Manager - Arlington Heights, il
Permanent · Arlington Heights
KOHLS
Full-Time HR Specialist
Permanent · San Bernardino
KOHLS
Full-Time Loss Prevention Officer
Permanent · Ontario
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Waynesboro
ROSS STORES
Compensation Analyst, Supply Chain
Permanent · Perris
MACY'S
Manager, Credit & Loyalty Marketing
Permanent · Deerfield Township
MACY'S
Senior, Product Management
Permanent · New York
MACY'S
Principal, Program Manager - Supply Chain
Permanent · Secaucus
MACY'S
General Manager
Permanent · Simi Valley
MACY'S
Multi-Store Detective, Manhasset - Full Time
Permanent · Manhasset
MACY'S
Asset Protection Detective, Lehigh Valley - Full Time
Permanent · Whitehall
By
Reuters
Published
May 12, 2017
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

J.C. Penney tumbles as department store gloom deepens

By
Reuters
Published
May 12, 2017

J.C. Penney on Friday joined other department store chains in reporting a steeper-than-expected drop in same-store sales for the first quarter, sending the company's shares tumbling premarket to near record low levels.



Macy's Inc and Kohl's Corp on Thursday had also reported weak sales, underscoring the struggle by brick-and-mortar retailers to attract customers amid a slump in demand for apparel and the shift to online shopping.

Adding to retailers' problems, an unusually warm February hurt sales of winter wear, while a delay in tax refunds in the same month crimped spending in the February-April quarter.

Penney's net sales dropped 3.7 percent to $2.71 billion, declining for the third straight quarter and just short of the average analyst estimate of $2.77 billion, according to Thomson Reuters I/B/E/S.

Sales at Penney's stores open more than a year dropped 3.5 percent, steeper than the 0.7 percent decline estimated on average by analysts polled by research firm Consensus Metrix.

However, the weakness at brick-and-mortar retailers is not indicative of a drop in consumer spending.

Sales at clothing stores fell 0.5 percent in April, while sales at online retailers, such as Amazon.com Inc, jumped 1.4 percent, according to data released by the Commerce Department data on Friday.

To cope with slumping demand, Penney said in February that it would shut 130-140 underperforming stores and offer voluntary retirement to about 6,000 employees, following Macy's lead.

The costs related to the store closures and severance packages was partly responsible for Penney's net loss more than doubling to $180 million, or 58 cents per share, in the quarter ended April 29.

Excluding items, the company said it earned a profit of 6 cents per share.

Analysts on average were expecting a loss of 21 cents per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the company's reported number was comparable.

Penney's shares were down 6.6 percent at $4.94 in premarket trading on Friday, recovering from a swoon of more than 12 percent at one point. The stock is close to dropping past its record low of $4.90, hit in February 2014.


 

© Thomson Reuters 2021 All rights reserved.