The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
PLANO, Texas — J.C. Penney Co. Inc. reported a steeper-than-expected fall in quarterly comparable-store sales on Tuesday, taking a hit from not selling major appliances and in-store furniture, sending its shares down 10 percent in early trading.
The company said exiting those categories cut comparable sales by 20 basis points.
One of the oldest names in American retail, J.C. Penney has struggled to excite customers with its mid-priced clothing and has steadily lost out to fast-fashion brands an online shopping.
The Plano, Texas-based company said sales at stores open for at least 12 months fell 5.5 percent in the first quarter, marking its sixth straight quarterly drop. Analysts' on average had expected a 4.21 percent fall, according to IBES data from Refinitiv.
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The company's net loss nearly doubled to $154 million, or 48 cents per share, in the three months ended May 4.
Excluding one-time items, the company posted a loss of 46 cents per share, bigger than the 38 cent loss analysts had expected.
Total revenue decreased 4.3 percent to $2.56 billion, in-line with the average analyst estimate.
By Siddharth Cavale; editor: Sriraj Kalluvila.
The Japanese apparel chain will be launching its sister brand GU in the US later this year, targeting younger consumers with lower prices and a curated selection of trendy wares.
Canada, France and Ireland are among the countries working with home-grown fashion talent to create uniforms for their teams at this summer’s Olympic Games. For these small labels, it’s an unprecedented opportunity to capitalise on one of sports’ largest events.
The online fashion retailer plans to update China’s securities regulator on the change of the initial public offering venue and file with the London Stock Exchange as soon as this month, a person with knowledge of the matter said.
The company, under siege from Arkhouse Management Co. and Brigade Capital Management, doesn’t need the activists when it can be its own, writes Andrea Felsted.