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J.C. Penney Loss Widens on Sharp Sales Decline

J.C. Penney Co. (JCP) lost $348 million in its first quarter on top of nearly $1 billion in net losses last year, as sales continued to slide at the beleaguered retailer.The results are the last to reflect the stewardship of former Chief Executive Ron Johnson, who left the department-store chain last month after a disastrous overhaul that precipitated a 25% drop in sales in his first year on the job.He was replaced by his predecessor, Myron "Mike" Ullman, who is returning to a discount-oriented strategy to bring in customers, restoring some of Penney's private-label brands and mortgaging the company's property and headquarters to raise much-needed cash.Penney ran into trouble after Mr. Johnson, a former Apple Inc. (AAPL) executive, moved away from discounts and promotions in favor of an everyday low-price strategy that turned off consumers. Mr. Ullman is reversing that approach and needs to stop the decline in sales to return the company to profitability and ease pressure on its cash."...

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  7. Macy's Net Jumps 20%, Boosts Dividend

    Macy's Inc.'s (M) first-quarter profit jumped 20%, coming in above Street views, as the department store operator logged stronger revenue, though margins were flat a...

  8. Macy's Boosts Dividend 25% as 1Q Earnings Jump

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  9. Macy's First-Quarter Net Up 20%, Raises Dividend and Buyback Authorization

    Macy's Inc.'s (M) first-quarter profit jumped 20%, coming in above Street views, as the department store operator logged stronger revenue, though margins were flat a...

  10. Macy's first-quarter profit rises, same-store sales up 3.8 percent

    Macy's Inc on Wednesday reported higher first-quarter profit and sales despite cool weather in much of the country that delayed spring shopping for many customers, a...

  11. Macy's Profit Tops View; Dividend, Buyback Raised

    Macy's Inc.'s first-quarter profit rose to $217 million, or 55 cents a share, from $181 million, or 43 cents, a year earlier. Sales rose 4% to $6.39 billion. Compara...

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    FOX Business: Capitalism Lives Here U.S. stock-index futures pointed slightly lower on Wednesday after a broad rally in the prior session as traders mulled disappoin...

  1. Lower income shoppers still feeling pinched, U.S. retailers say

    Cooler than usual weather and belt-tightening by shoppers still struggling with higher payroll taxes and stubborn unemployment dampened sales last quarter at chains ...

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    Among the companies with shares expected to actively trade in Thursday's session are Cisco Systems Inc. (CSCO), Wal-Mart Stores Inc. (WMT) and Kohl's Corp. (KSS).Cis...

  5. Kohl's profit beats Street, shares jump 7 percent

    Department store chain Kohl's Corp reported a quarterly profit well ahead of analysts' expectations after cost cuts boosted margins, sending its shares up 7 percent ...

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    Kohl's Corp.'s (KSS) fiscal first-quarter earnings fell 4.5% as the department-store operator was hurt by slightly lower sales that offset the benefit of stronger ma...

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