Dive Brief:
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J.C. Penney Q3 revenue fell .5% to $2.76 billion, missing expectations of closer to $2.82 billion.
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The retailer said warmer-than-usual weather plus consumers’ hesitancy to spend were contributors.
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Same-store sales held steady, although some analysts had expected a 2.8% increase.
Dive Insight:
J.C. Penney’s story of late has been one of CEO Mike Ullman salvaging damage some say was caused during the tenure of ousted CEO Ron Johnson, who made major changes to merchandising and pricing that many saw as too much, too soon.
The retailer is also battling the current consumer disinclination to spend, plus more temporary factors like weather that all retailers have to deal with. The next chapter for the retailer will likely be written under incoming CEO Marvin Ellison, who will arrive in August. Till then, a lot will depend on the holidays.