November 15, 2008 |
Grim seemed an understatement for the retail sector on Friday as J.C. Penney Co. and Abercrombie & Fitch Co. posted quarterly profits that fell by about half, and gave outlooks for the rest of the year that were far below Wall Street expectations. "These are significant downward revisions and don't bode well, although they're not totally unanticipated given how dire things have begun to look," said Ken Perkins, president of research company Retail Metrics Inc.
August 16, 2008 |
J.C. Penney Co. reported a 36% drop in second-quarter profit and issued a downbeat outlook for the current quarter as shoppers cut back on clothing spending in a tough economy. The Plano, Texas-based department store chain said it earned $117 million, or 52 cents a share, compared with $182 million, or 81 cents, a year earlier. Sales fell 2.5% to $4.28 billion. Same-store sales, or sales at stores opened at least a year, fell 4.3%. Same-store sales are considered a key indicator of a retailer's health.
May 16, 2008 |
J.C. Penney Co. reported that first-quarter profit was halved and predicted "difficult" conditions for the entire year as consumers pull back on spending. Net income fell to $120 million, or 54 cents a share, from $238 million, or $1.04, a year earlier, the suburban Dallas-based retailer said. Sales fell 5% to $4.13 billion from $4.35 billion. Per-share profit was better than the 50 cents expected by analysts surveyed by Thomson Financial. Shares rose $2.07 to $46.32. During the first quarter, total sales decreased 5.1%.
February 22, 2008 |
J.C. Penney Co. said Thursday that its fiscal fourth-quarter profit fell 10% as its middle-class customers struggled with a weakening economy, and the department store retailer predicted modest earnings this year. Chief Executive Myron E. Ullman III said there were no signs that consumer spending would rebound quickly, so the company was planning "for a difficult economic climate." For example, the company now expects to open 36 stores this year, down from the original plan of 50 openings.
February 12, 2008 |
The U.S. economy may be stumbling, but J.C. Penney Co. Chief Executive Myron "Mike" Ullman III believes its biggest brand launch ever -- an exclusive line with Polo Ralph Lauren Corp. -- couldn't happen at a better time. "We think given this competitive climate, we are very well positioned to take market share," Ullman said. The brand, American Living, is expected to be a billion-dollar business in the next few years, accounting for 5% of the department store chain's annual sales, Ullman said.
December 15, 2007 |
The California attorney general's office said Friday that it had rescinded a legal notice of violation sent last month to a JCPenney store in Westminster in connection with unsafe amounts of lead in jewelry. State officials had included the Penney store in a list of 20 retail stores found to have sold costume jewelry for children that exceeded state standards for lead.