|
The company is now tweaking its ads to spell out the savings of the three-tier plan, which includes everyday prices that are 40 percent below last year's prices; deeper month-long discounts and clearance events. The company has also been doing plenty of backpedaling, adding more clearance sales in addition to the first and third Fridays of the month. Credit Suisse retail analyst Michael Exstein wrote in a report this week that he believes that sales in the current quarter are worse than the 20 percent decline posted in the first quarter. He says that the company has slowed or canceled some orders. Penney is scheduled to report its second-quarter results next month. Penney's stock has lost half its value since February after initially climbing on optimism about the changes. The shares fell again Wednesday. They were down more than 2 percent, or 46 cents to close at $20.30.
[Associated
Press;
Copyright 2012 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor