JCPenny Beaten in the Face with Shovel

Wow it seems that no one is buying from JCPenny.

Excluding items, the retailer reported a loss of $1.95 a share, compared with a 74-cent profit in the year-earlier period. Analysts had expected a much smaller loss of 18 cents a share, according to a consensus estimate from Thomson Reuters.

Revenue decreased to $3.88 billion from $ 5.43 billion a year ago. Analysts had expected the company to report $4.08 billion in revenue.

Same-store sales fell 32 percent during the quarter, compared with a 2-percent drop in the year-earlier period.

What is strange is that other department stores like Macy's seems to be doing fairly well. I guess the idea of every-day-low-prices was a killer for them. It is a case of if you want to buy something cheaper or a little upscale you go with Macy's. If you want to buy something upscale you go with Neiman Marcus. If you want to buy something cheap you go to Wal-Mart/Target. There is no reason to go to JCPenny at all.