J.C. Penney
The retailer’s new chief executive, Ron Johnson, told analysts Monday that the department-store chain is rethinking everything it’s doing — from pricing to products. The message comes as the retailer struggles to turn around its business after reporting a quarterly loss.
Penney said Monday it lost $143 million, or 67 cents per share, for the three months ended Oct. 29. That compares with net income of $44 million, or 19 cents per share, in the year-ago period. The latest results include costs of $179 million, or 51 cents per share, for a voluntary early-retirement program and $27 million, or 10 cents per share, related to management changes.
The adjusted earnings amounted to 11 cents per share, topping the 9 cents per share that analysts expected.
Lowe’s
Costs related to closing stores and other restructuring pushed its net income down 44 percent, but adjusted results beat expectations.
Retailers such as Lowe’s are facing tough times as consumers continue to hold back on large-scale home-improvement projects. Lowe’s has started closing stores — including one in west Denver — and cutting costs to offset weak demand.
Lowe’s reported net income of $225 million, or 18 cents per share, in the three months that ended Oct. 28, down from $404 million, or 29 cents per share, a year earlier. Revenue climbed 2 percent to $11.9 billion.
