J. C. Penney Co Inc on Thursday reported quarterly results that topped estimates...
- J. C. Penney Co Inc on Thursday reported quarterly results that topped estimates as the struggling retailer sold more jewelry and women’s, men’s and children’s apparel during the key holiday shopping season.The 116-year-old company, once a storied American retailer whose stock is today worth less than one-tenth of its value two years ago, has been trying to strengthen its apparel business to compete with online retailers like Amazon.com Inc and off-price retailers like TJX Cos Inc.
Plano, Texas-based Penney hopes to turn the company around in part by bringing back lost customers with more popular offerings and improving inventory management. Off-price apparel retailer TJX Cos Inc reported better-than-expected quarterly same-store sales on Wednesday. Both its stock and its bond prices have swooned. Penney shares have collapsed 70 percent in the last 12 months and briefly sank below $1 a share late last year. The stock rose 25 percent to $1.55 on Thursday but went as high as $1.63 earlier in the session.
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