Boston, MA 11\/19\/2013 (wallstreetpr) – Troubled American retail chain\u00a0J.C. Penney Company, Inc. (NYSE:JCP) is expected to net further losses in its current quarter, according to analyst expectations and the company itself. J.C. Penney\u2019s (JCP) quarterly report due on Wednesday will see investors anxiously anticipate the long-awaited turnaround for the sinking national retailer start to materialize.<\/p>\n
Wading through troubled waters for a long time now, America\u2019s oldest national retail chain\u00a0J.C. Penney Company, Inc. (NYSE:JCP) has been desperate to stem mounting losses and plunging revenues owing to futile and unsuccessful business strategies and more recently, the disastrous management techniques of ousted CEO Ron Johnson, which added to further eroding its customer base and revenues. Despite undergoing repeated revamps along with various leadership and strategy changes, the ailing chain only managed to depress customers and shareholders further under Johnson\u2019s strategies. The retailer recently began showing signs of revival from the severe damage inflicted by Johnson, under the return of reinstated ex-CEO Mike Ullman.<\/p>\n
With year-over-year revenue drops of about 16% and 9% in the previous two respective quarters, analysts currently predict J.C. Penney Company, Inc. (NYSE:JCP)\u2019s revenues to drop by 4% to around $2.8 billion from the $2.93 billion a year ago, forecasting losses of 75% to 85% for the current and next fiscal years. Analysts also estimate earnings per share to further deteriorate at $-1.72, as against the already loss-making earnings of $-0.93 for the corresponding 2012 quarter. With credit defaults still looming large over the conglomerate, investors have been worried over credit default swaps \u2013 the impending cost of insurance likely during default.<\/p>\n
With competitor Macy\u2019s encouraging sales reported in its recent quarterly report indicative of a supportive market,\u00a0J.C. Penney Company, Inc. (NYSE:JCP) shareholders await a rebound. Despite occasional spikes, J.C. Penney\u2019s stocks have steadily plunged from around $14 in August to the current $8.71, recently recording a 30-year record low. JCP shares closed at $8.71 on NYSE trading of November 18, down 3.54% from the previous closing of $9.03. After-hours trading saw a minor 0.46% increase to $8.75.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 11\/19\/2013 (wallstreetpr) – Troubled American retail chain\u00a0J.C. Penney Company, Inc. (NYSE:JCP) is expected to net further losses in its current quarter, according to […]<\/p>\n","protected":false},"author":12,"featured_media":12573,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[3125,1753,692,685],"stock_ticker":[],"class_list":["post-12572","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-j-c-penney-company-inc","tag-j-c-penney-company-inc-nysejcp","tag-jcp","tag-nysejcp","entry"],"acf":[],"yoast_head":"\n