Shares of JC Penney are tanking over 11.5% this morning after the retailer reported earnings.
Revenue of $2.9 billion is way below estimates of $3.2 billion.
EPS of $-0.93 per share is well worse than the loss of seven cents that were expected.
And same-store sales are down 26.1%
CEO Ron Johnson offers up:
Ron Johnson, chief executive officer of jcpenney said, “While the quarter overall was challenging, the performance of jcp’s new brands and shops reinforces our conviction to transform jcpenney into a specialty department store. Today, jcp is really a tale of two companies. By far the largest part of our store is the old jcpenney, which continues to struggle and experience significant challenges as evidenced by our third quarter results. However, the new jcp, centered around the shop concept, is gaining traction with customers every day and is surpassing our own expectations in terms of sales productivity which continues to give us confidence in our long term business model.”
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