JCPenney Reaffirms Outlook Even Though Sales Continue to Fall
On the heels of a third quarter in which JCPenney managed to narrow its losses, the retailer reported a decline in same-store sales for the nine-week period ending January 4. JCPenney was not taken off guard by the numbers, but instead reaffirmed its outlook, predicting a same-store sales drop of 7% to 8%.
J. C. Penney Company Inc. is the latest retailer to post a decline in holiday revenues.
The Plano-based firm logged same-store sales for the nine-week period ending Jan. 4 that sank 7.5%.