J.C. Penney’s stock takes hit after falling short of expectations
May 17, 2018
Shares of J.C. Penney fell 10 percent in premarket trading after the retailer announced its same-store sales only increased 0.2 percent in the first quarter instead of the two percent consensus among analysts. The department store blamed the miss on unseasonable weather to start spring, which caused many shoppers to postpone seasonal clothing purchases. Penney also warned that it could report a loss of between seven and 13 cents a share this fiscal year.
Recent News
Merger Forces Kroger and Albertsons To Sell More Stores
Kroger and Albertsons are selling more of their stores to address concerns about their merger.
JD Sports Bids for Hibbett in $1.08 Billion Deal
JD Sports Fashion plans to buy Hibbett Inc. for around $1.08 billion. The move aims to help the UK’s largest sportswear retailer grow in the southeastern United States.
Disney Technology Executive Leaves Company for Personal Reasons
Aaron LaBerge will stay on at Disney until June 2024.
Amazon Ends Drone Delivery in California, Here’s Where It’s Going Next
This new location will allow for quicker, same-day delivery.