JCPenney: quarterly loss widens as sales drop
(CercleFinance.com) - Retailer J.
C. Penney posted a higher quarterly loss on Tuesday, hit by falling sales.
Over the first quarter, the company's net loss reached 154 million dollars, or 48 cents per share, compared to a net loss of 78 million dollars, or 25 cents per share, in the same period last year.
Comparable sales fell by 5.5%, with JCPenney exiting businesses such as major appliances and in-store furniture.
Jewelry, children's apparel, women's apparel and men's apparel were the company's best performing categories over the quarter, it said.
While inventory dropped by 16% from the first quarter of 2018, selling, general and administrative (SG&A) expenses rose to 856 million dollars, or 35% of net sales this year, compared to 826 million dollars, or 32% of net sales, last year.
The JCPenney shares were indicated to open 10% lower on Tuesday.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
C. Penney posted a higher quarterly loss on Tuesday, hit by falling sales.
Over the first quarter, the company's net loss reached 154 million dollars, or 48 cents per share, compared to a net loss of 78 million dollars, or 25 cents per share, in the same period last year.
Comparable sales fell by 5.5%, with JCPenney exiting businesses such as major appliances and in-store furniture.
Jewelry, children's apparel, women's apparel and men's apparel were the company's best performing categories over the quarter, it said.
While inventory dropped by 16% from the first quarter of 2018, selling, general and administrative (SG&A) expenses rose to 856 million dollars, or 35% of net sales this year, compared to 826 million dollars, or 32% of net sales, last year.
The JCPenney shares were indicated to open 10% lower on Tuesday.
Copyright (c) 2019 CercleFinance.com. All rights reserved.