Plano-based J.C. Penney reported a bigger loss than expected on Friday as margins took a hit from liquidation sales. In the second quarter, Penney closed 127 stores of 138 stores it has said it will close this year.
Marvin Ellison reaffirmed the company's full-year forecast and said the
hit that liquidation sales had on margins is "isolated in the second
quarter." He said closings "cannibalized" sales at other stores. "We've
never liquidated this many stores at one time and it was difficult to
estimate the impact on margins," Ellison said during a conference call
with analysts.. . . more