J.C. Penney posts worse-than-expected drop in same-store sales, shares drop
- J.C. Penney Co Inc reported a steeper-than-expected fall in quarterly comparable-store sales on Tuesday after the retailer exited its appliance and in-store furniture categories, sending shares down 10% in premarket trading.
The retailer, which earlier this year said it would stop selling major appliances like fridges and washing machines, said leaving those categories cut comparable sales by 20 basis points. Penney has tried to strengthen its apparel business to compete with online retailers like Amazon.com Inc and off-price retailers like TJX Cos Inc.
Sales at stores open for at least 12 months fell 5.5% in the first quarter, its sixth straight quarterly drop. Analysts, on average, had expected a 4.21% fall, according to IBES data from Refinitiv.
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