Double-digit declines in earnings and same-store sales are becoming nearly routine for retailers as the third-quarter earnings season commences.
J.C. Penney Co. Inc. and Abercrombie & Fitch Co. on Friday both qualified for the dubious distinction on Friday. While Penney’s won plaudits for its investment in fresh merchandising and A&F for its attention to the long-term integrity of its brands, neither was able to stave off sharp declines in third-quarter profitability. Penney’s earnings were down 52.5 percent in the quarter as comps receded 10.1 percent and it cut full-year expectations. A&F’s net was off 45.7 percent and comps were down 14 percent as the retailer issued full-year guidance well below Wall Street estimates based on expectations of a 26 percent drop in fourth-quarter comps.
"I think that all anyone really wants in life is to have people understand us for who we actually are, despite everything," says Ruth Negga. The actress talks "Preachers" season 2 and more on WWD.com. #wwdeye (📷: Dan Doperalski)
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