Penney’s Flagging Sales Leave It Grasping at Straws

Wayne Ellis

[unhappy Christmas shopper]

Penney’s Flagging Sales Leave It Grasping at Straws (Bloomberg)

J.C. Penney Co. (JCP) heads into the holiday season needing a gift from Ole St. Nick to appease investors. According to 24/7 Wall St., the company “… still does not have the marketing muscle or store traffic to exceed the industry’s pace of same-store growth.” Unfortunately, the venerable chain needs to blow away same-store growth if it hopes to right its retail ship. In a last-ditch effort to boost revenue, it’s kicked off the “Biggest Sale of Them All” effort. Apparently it’s “biggest” in name only, as the store has marked down women’s boots, bras and small appliance. If you’re a Penney’s investor, you might want to prepare yourself for a lump of coal in your portfolio this year.

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