JCPenney: reduces losses and announces partnership
(CercleFinance.com) - On Thursday JCPenney posted a net loss of 48 million dollars for its second quarter, or fifteen cents per share, compared to a loss of 101 million, or thirty-two cents per share, a year ago.
The department store chain nevertheless saw its revenues slip 9.2% to 2.6 billion dollars as reported. Like-for-like sales were down 9%.
For the full year, JCPenney expects adjusted EBITDA of between 440 million and 475 million dollars, with like-for-like sales down between 7% and 8%.
In addition, on Thursday the group announced a partnership with tredUP, a specialist in second-hand clothing. 30 sales outlets will be selected and will soon offer second-hand clothes.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The department store chain nevertheless saw its revenues slip 9.2% to 2.6 billion dollars as reported. Like-for-like sales were down 9%.
For the full year, JCPenney expects adjusted EBITDA of between 440 million and 475 million dollars, with like-for-like sales down between 7% and 8%.
In addition, on Thursday the group announced a partnership with tredUP, a specialist in second-hand clothing. 30 sales outlets will be selected and will soon offer second-hand clothes.
Copyright (c) 2019 CercleFinance.com. All rights reserved.