J.C. Penney Plummets After Loss Renews Concerns About Retail
- Dismal report follows weak sales from peers Macy’s and Kohl’s
- Liquidated inventory weighed on profit in second quarter
Bloomberg Gadfly’s Sarah Halzack discusses earnings and outlook from J.C. Penney. She speaks with Bloomberg's Alix Steel on 'Bloomberg Daybreak: Americas.' (Source: Bloomberg)
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J.C. Penney is the bearer of more bad news for department-store investors.
On Friday morning, the company followed Macy’s Inc., Kohl’s Corp. and Dillard’s Inc. in reporting declining sales in the second quarter. J.C. Penney also posted a deeper loss than analysts expected -- hurt by clearance sales -- sending the shares on their worst decline in more than four years.