Investors continued to back away from shares of J.C. Penney Co. Inc. Thursday, sending them to a new 52-week low on heavy volume.
Shares closed down 52 cents, or 8.3 percent, at $5.77 after reaching their nadir for the past year, $5.69, in the final hour of trading. Volume was over 55.8 million shares, more than 75 percent above average for the last 90 days. Shares have lost 36.9 percent of their value since the end of 2013, and 21.7 percent since the company issued a statement on Jan. 8 saying it was “pleased” with its holiday performance without providing specific numbers. Even since disclosing plans on Jan. 15 to close 33 underperforming stores, at a cost of 2,000 jobs, shares have contracted 17.7 percent.
The downward spiral Thursday, when the S&P 500 Retailing Industry Group had its best day of the year with a 1.6 percent increase to 890.84, underscored the retailer’s struggles. Now in the final days of what’s considered a critical fourth quarter, the market has little transparency about sales trends but keen awareness of high debt — $4.85 billion in long-term debt at the end of the third quarter, up from $2.77 billion a year earlier. The firm is attempting a delicate balancing act with pricing as it struggles to build margins while at the same time drawing traffic in a market still teeming with promotions.
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)
Breaking News: @hedislimane joins @celine as its new artistic, creative and image director. One of fashion’s preeminent image-makers and trendsetters, Slimane is to join the LVMH brand on Feb. 1 and unveil his first fashion proposition for men and women next September during Paris Fashion Week. It marks a major homecoming for Slimane, who cemented his reputation – and influenced men’s tailoring for more than a decade – as the designer of Dior Homme between 2000 and 2007. He went on to reinvent and ignite the house of Yves Saint Laurent, which he rechristened Saint Laurent, between 2012 and 2016 – all the while maintaining a close relationship with the Arnault family, which controls LVMH and Dior. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
“Personally I believe the Eighties have been the richest and more vivacious period for international fashion,” Giorgio Armani said when asked what his favorite decade of fashion is. It was a moment of disruption and experimentation and only thinking back to the first years of that decade is always an emotion for me, for what they have meant to me and my work.” The influence is clear in @giorgioarmani spring 2018 collection, pictured here, which was full of bright colors and unexpected prints. Read more about which decades designers loved most on WWD.com #wwdfashion #wwddecades (📷: @aitorrosasphoto)
For Lady Gaga’s only Italian show on her “Joanne World Tour,” the singer wore a range of @versace_official outfits. The standout piece: this custom-made bodysuit inspired by the brand’s spring 2018 collection. #wwdfashion (RG: @ladygaga)
@_camillaruth_ is expanding on the wellness-craze concept with @westbourne – a new NYC restaurant that’s both a healthy-minded café as well as a business that gives back to the community. Marcus works with the Robin Hood foundation to give back to The Door, a non-profit providing youth development services, and also hires employees through The Door. Read our full interview with Marcus on giving back through food on WWD.com. #wwdeye (📷: @lexieblacklock)