Thursday, February 27, 2020

J.C. Penney reports surprise profit, same-store sales top estimates

Reuters
J.C. Penney Co Inc on Thursday reported a surprise adjusted profit and a smaller drop in comparable sales than anticipated for the fourth quarter, buoyed by demand for women’s apparel, sending its shares up about 3% before the bell.

The century-old department store chain under Chief Executive Officer Jill Soltau has been shutting unprofitable stores, while testing a new store model that includes a yoga studio, a videogame lounge and lifestyle workshops to fight competition from Amazon.com Inc and discount retailers.. . . more