J.C. Penney's Stock Slammed After Holiday Same-Store Sales Decline
J.C. Penney is the latest retailer to report disappointing sales over the holiday period, and its stock takes a tumble on the news.
J.C. Penney's (JCP) - Get Report stock is under pressure after the company said same-store sales dropped eight-tenths of a percent during the nine-week holiday period. The company said women's apparel sales were weak but it did see strength in appliances, outerwear and makeup at its Sephora stores. J.C. Penney said its e-commerce business had double-digit growth. The retailer said it will deliver a positive operating profit in the quarter, and reaffirmed its full-year Ebitda target of $1 billion for the last fiscal year.
