Local

JCPenney’s Key Revenue Metric Dips 1.9 Percent

View Comments

From Our CBS Music Web Sites

453641528 10 JCPenneys Key Revenue Metric Dips 1.9 PercentAdorbale Baby Animals To Put A Smile On Your Face

christmas on kluv dl JCPenneys Key Revenue Metric Dips 1.9 PercentListen To Christmas Music

180648074 8 JCPenneys Key Revenue Metric Dips 1.9 PercentFunny Faced Cheerleaders

 alt=Musicians Then And Now II

452359780 10 JCPenneys Key Revenue Metric Dips 1.9 PercentMissing Summer?

cowb thumb JCPenneys Key Revenue Metric Dips 1.9 PercentCowboys Cheerleaders

PLANO (AP) - JCPenney Co.’s revenue at stores open at least a year dipped 1.9 percent in August, hurt by Hurricane Irene and a later start to back-to-school shopping. The performance fell short of Wall Street’s expectations.

Analysts polled by Thomson Reuters predicted a 0.8 percent increase.

This metric is a key gauge of a retailer’s health because it excludes results from stores recently opened or closed.

For the four weeks ended Aug. 27, total revenue dropped 4.5 percent.

The department store chain said Thursday that while back-to-school shopping started later this year, sales picked up throughout the month.

Some of the strongest categories were men’s clothing and women’s accessories. The southwest and southeast were August’s top performing regions.

Earlier this month JCPenney reported a flat second-quarter profit as it aggressively marked down prices on fashions to get its middle-income shoppers to keep spending in an increasingly uncertain economy.

JCPenney, based in Plano, Texas, runs more than 1,100 of its stores in the U.S. and Puerto Rico.

Its stock fell 8 cents to $26.56 in morning trading.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

View Comments