By  on November 10, 2017

J.C.Penney Co. has reset its women’s apparel business but not without some short-term consequence to the bottom line.

“We took the bold but necessary steps to liquidate apparel inventory in an effort to accelerate a wider transformation of our women’s department. These steps allowed us to clear out slow-moving inventory this quarter and reset our entire women’s department,” Marvin Ellison, Penney’s chairman and chief executive officer, said Friday, after the company reported a deeper loss for the third quarter, though comp sales were positive. Higher cost of goods involved in the women’s changes, as well as restructuring charges related to store closings, were key factors.

To continue reading this article...

load comments
blog comments powered by Disqus