Beleaguered department store chain JC Penney has just released its Q2 financial results, and the numbers are ugly.
Revenue came in at $2.66 billion, missing analysts' expectation for $2.78 billion.
It also reported a big net loss of $2.06 per share, which was much worse than the $1.07 loss expected.
"Comparable store sales declined 11.9% in the quarter, and were negatively impacted by the Company`s failed prior merchandising and promotional strategies, which resulted in unusually high markdowns and clearance levels in the second quarter," said management in a press release.
Here's CEO Mike Ullman:
"Since I returned to jcpenney four months ago, we have moved quickly to stabilize our business - both financially and operationally - and we have made meaningful progress in important areas of the business. There are no quick fixes to correct the errors of the past. That said, we have identified the challenges, put solid plans in place to address them and have experienced and capable people in key roles to do so."
"Moving forward, we`re focusing our efforts on regaining customer loyalty by offering trusted brands, award winning service and affordability that families can depend on. We are encouraged by our early performance this Back to School season, which reflects customers` growing confidence in the brands and styles we offer. Our associates across the country are working tirelessly to serve our customers and I am proud of their efforts."
Shares are actually up by around 5% in pre-market trading.
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