Rebound impressive, but more big hurdles await J.C. Penney
J.C. Penney’s sharply improved second-quarter results were impressive, but the retailer has big hurdles to overcome before it can start to repay its debt.
Customer traffic is still down from a year ago, Penney said Thursday as it announced that its second-quarter sales were up 6 percent. Penney also sharply cut its losses.
Analysts believe Penney needs to get back $2 billion to $3 billion of the $5.6 billion in sales it lost in 2012 and 2013, when a reinvention of the department store failed, sending Penney shoppers elsewhere.
That’s the big-picture call for J.C. Penney, said Piper Jaffray... read more
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