JC Penny's slip follows import slide, news by Hebei Longsheng
| JC Penney's slip follows import slide, China not a risk for now JC Penney reported a 5.4% decline in same-store sales for the fiscal third quarter, ending Oct. 31, compared to a 0.6% drop expected by analysts surveyed by S&P Global Market Intelligence. The firm also expected a “lower single digits” percentage slide in sales for the full year. That’s not a surprise given the decline in the firm’s U.S. seaborne imports. Shipments in the three months to Sept. 30 fell 13.2% on a year earlier, while in October they declined by a further 4.0%. Furniture and homewares were the main culprits with a 17.4% drop in the third quarter and 22.5% in October. The firm has a low exposure to tariffs on Chinese exports so far, though an extension to include apparel and footwear in the new year could affect the 52.8% of JC Penney’s imports that come from China in the 12 months to Oct. 31. |
