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J.C. Penney in the early stages of a multi year turnaround, reported a 26 percent decline

This looks like the same type of "recovery" that our economy has been in for the past 5 years.

Article:
J.C. Penney, which is in the early stages of a multiyear turnaround, reported a 26 percent decline in third-quarter sales at stores open at least a year, a steeper drop than the 17.9 percent that Wall Street analysts were expecting.

Penney said its net loss had narrowed to $123 million, or 56 cents per share, in the third quarter ended Oct. 27 from $143 million, or 67 cents per share, a year earlier.

Excluding items, the retailer reported a loss of 93 cents per share, much wider than the 7 cents per share loss the Street was expecting.

Revenue dropped to $2.93 billion, compared to expectations of revenue of $3.27 billion.

http://www.cnbc.com/id/49661373




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Fashion

Bug just went out of business; I think it's possible the same fate awaits J.C. Penney. J.C. Penney is going to become self-checkout next year, at which time I won't grace their doors again.

I recently shopped at one of their bigger mall stores and was mildly shocked to not only find the store basically empty of goods, but also quite empty of customers...

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