What's Next for J.C. Penney?

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Sept. 27 (Bloomberg) -- Telsey Advisory Group Managing Director Joseph Feldman discusses his outlook for J.C. Penney on Bloomberg Television's "Money Moves." (Source: Bloomberg)

At the tulsa advisory group.

Thank you for joining me.

In addition to everything else, jcpenney is now saying it expects 1.3 billion dollars in the quiddity at the end of the year versus $1.5 billion recently.

How bad are things at jcpenney really?

No question, they are up against some pretty easy comparisons.

Just the other day they said they expect to have positive same-store sales this quarter.

But clearly, the way the stock has been reacting, there are not many believers in that right now.

People are worried about where the economy is for their core customer.

Obviously, there is a presumption on the part of jcpenney that the holiday season is going to be ok.

What is your read on the core customer not only at jcpenney, but across retail?

We are more concerned.

In the past couple of months we have seen a slowdown in trends.

We just had our fourth annual fall conference this week.

The retailers are worried.

They are worried it is going to be a choppy season.

On average, up two percent or three percent for the holiday timeframe.

That is not terrific.

It is a little bit of growth, but not the four percent or five percent that we would like to see.

I think it is because customers are experiencing a lot of strain.

When you are hearing from jcpenney that it can be positive in terms of comfortable sales in the fourth quarter, and the market is not showing much confidence in that, how much confidence do you have in a prediction like that?

Analysts are paid to be skeptical.

I'm still a little skeptical.

I guess, the comparison would be so easy that they should be able to do it.

They may bring in some new product and get things back to the old jcpenney, so with the marketing and promoting they will do, they will give it a good shot.

Joe feldman, winky so much.

We will be checking back in as a

This text has been automatically generated. It may not be 100% accurate.

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