🚀 go-pugleaf

Hiring a fucking lesbian child molester didn't work out did it?  
Prepare for bankruptcy.  You're going down.

J.C. Penney shares sank as much as 10% this morning, after the 
department-store chain, in the midst of a controversial 
turnaround, posted a larger-than-expected quarterly loss.

J.C. Penney swung to a $203 million, 93 cents a share, loss, 
from a $186 million, 71 cents a share, profit a year earlier. 
Excluding one-time items, J.C. Penney lost 56 cents a share. 
This greatly exceeded analysts� prediction of 19 cents a share.

Same-store sales fell 26.1%, suggesting that J.C. Penney�s 
struggles to attract and keep customers continue. This is a key 
metric for retailers because it strips away volatile results 
from newly opened or closed stores.

�At first blush, the JCP print is not very pretty.  At second 
blush, the JCP print might be even worse than the first blush,� 
says Deutsche Bank analyst Charles Grom. �Trends at J.C. Penney 
are obviously getting worse, not better, and we are becoming 
more and more convinced that sales in 2013 will also decline, 
which could lead to a going-concern problem next year.�

Revenue in the third quarter was $2.92 billion, beneath the 
$3.23 billion forecast by analysts. Gross margin fell to 32.5% 
from 37.4%. And significantly, J.C. Penney did not update 
investors on its pledge to have $1 billion in cash on the 
balance sheet to start 2013, a signal that it may not be able to 
fulfill that goal.

The drop in same-store sales, which has occurred throughout the 
year, also highlights concerns about how badly J.C. Penney will 
perform during the key Christmas shopping season, a period where 
retailers gain a significant portion of annual sales. �I am sure 
many of you are wondering how we�re going to make it through the 
next eight weeks,� CEO Ron Johnson this morning told an audience 
of investors and analysts

Shares of J.C. Penney fell 7.2% in early afternoon trading.

�J.C. Penney is not a top destination and is nowhere near 
becoming a top destination in peak seasonal shopping periods,� 
says Brian Sozzi, chief equities analyst at NBG Production. �If 
these comp and margin run rates continue, J.C. Penney may have 
to raise capital or consider removing itself from the public 
markets�getting certainty of value for shareholders instead of 
staying public and hoping the turnaround brings to surface 
unrealized value.�

Johnson hopes an ambitious transformation of the 11o-year-old 
retailer�refreshing locations and creating a stores-within-a-
store layout�will make it more competitive against Kohl�s and 
Macy�s, as well as Wal-Mart and Target.

Johnson, the former Apple Retail chief and Target executive, 
this morning described a split in the company: Customers dislike 
what the old J.C. Penney has become, but are upbeat about the 
new stores. The makeover includes wider aisles and sections 
devoted to individual brands centered around a cafe and lounge 
area; technology, like iPads and mobile checkout systems, also 
play a role. �I�m really leading two companies. One is J.C. 
Penney, a promotion department store. The other is JCP, a 
specialty department store,� says Johnson. �What�s going to be 
good for one is not going to be good for another.�

http://www.forbes.com/sites/abrambrown/2012/11/09/investors-line-
up-to-check-out-from-j-c-penney-after-203-million-q3-loss/

Choke on your faggots and go bankrupt.

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