J.C. Penney gives gloomy outlook before holidays [Reuters]
JC PENNEY (JCP)
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Source: Reuters
J.C. Penney gives gloomy outlook before holidays | Reuters 3 Min Read (Reuters) - J.C. Penney Co Inc ( JCP.N ) predicted a fall in same-store sales this year as it prepared for the holiday shopping season, reporting worse than expected quarterly results on Thursday due to heavy discounting aimed at righting the company. Shares in the troubled department store chain dived 14 percent in early trade before recovering to gain just over 2 percent, as new Chief Executive Jill Soltau gave the first indications of her plans to turn a profit and avoid becoming the next big U.S. retail casualty. Sales at J.C. Penney stores open for over a year fell 5.4 percent in the quarter ended Nov. 3 versus a 0.6 percent decline forecast by analysts, and the company said they would now fall in the low single digits for the full year. Soltau, on a conference call with analysts, said the company had discounted heavily in the quarter to clear slow-moving products and would now review the frequency of promoti
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