Earnings

JC Penney (JCP) reports holiday same-store sales 2020

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J.C. Penney wasn’t able to buck the trend of declining sales at U.S. department store chains this holiday season. But despite a steep sales decline, it reaffirmed its financial outlook for the year.

The company said its same-store sales over a nine-week period that ended on Jan. 4 dropped 7.5%.

Penney shares were down more than 3% in premarket trading Thursday following the news.

The retailer said that its adjusted same-store sales — which exclude the impact of its exit from major appliance and furniture categories — were down 5.3%.

Penney is still calling for same-store sales — a key metric that monitors sales at retailers’ stores open for at least a year — to drop 7% to 8% in…



Source cnbc.com

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