Thursday, May 17, 2018

J.C. Penney's results fall short of expectations after sales tanked in a cold April

Dallas Morning News
J.C. Penney reported weaker-than-expected results blaming April's cold temperatures and rare snow in the Midwest and Northeast and the closing of 141 stores last summer and fall.

April apparel sales declined drastically following sales increases in February and March, said chief executive officer Marvin Ellison during a conference call with analysts Thursday morning. Sales declined 12 percent in the first week of April and declined 24  percent in the second week, he said. But recovered with the weather in the second half of the month, rising 9.5 percent in the third week and 10 percent in the last week. . . . more