Opps–JCPenney To No Longer Report Same-Store Sales
JC Penney (NYSE: JPC) will no longer report same-store sales. It is a way to avoid telling investors how badly they are doing more than once a quarter The retailer will also begin its turnaround with $800 million in capital expenditures in fiscal…
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JC Penney (NYSE: JPC) will no longer report same-store sales. It is a way to avoid telling investors how badly they are doing more than once a quarter
The retailer will also begin its turnaround with $800 million in capital expenditures in fiscal year 2012 which will be used to upgrade stores. JCP will also cut costs by $900 million.
JCP also said it expects earnings for fiscal year 2012 to meet or exceed its 2010 EPS of $1.59 a share, or $2.16 a share, on an adjusted basis.
Penney was up 15% to $38. But, investors often don’t trust retailers that do not reveal same-store numbers. And, there is no way the company can make the kind of forecast it has during such a radical turnaround
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