FINANCE

J.C. Penney falls to 13-year low

BY Marianne Wilson

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New York — J.C. Penney Co.’s stock on Wednesday plunged to a 13-year low of $10.12 at the end of trading. The stock fell to $9.94, the lowest since January 2001, before recovering up to $10.12.

Industry experts credited the 15% plunge to reports that the chain did not have a good back-to-school season, with sales falling at the end August and into September. Investors have also been made wary by recent reports have indicated that the chain needs to raise more cash.

In a research note on Penney’s credit, Goldman Sachs raised concerns about the chain’s sales. "We expect 3Q and 4Q to be difficult, with comp store sales likely showing a slower-than-expected improvement,” Goldman said.

Last week, it was reported that Penney was trying to raise additional cash on top of the $3 billion it already had borrowed this year.

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C.Brewer says:
Sep-26-2013 06:21 pm

J C Penny
So will Penny have to file for Bankruptcy by 1st quarter 2014.

C.Brewer says:
Sep-26-2013 06:21 pm

So will Penny have to file for Bankruptcy by 1st quarter 2014.

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FINANCE

IHL: North America self-service kiosk transactions near $1 trillion

BY Dan Berthiaume

Franklin, Tenn. – The dollar value of transactions performed at self-service kiosks in North America surpassed $822 billion in 2012 and should reach more than $1 trillion by the end of 2014. Self-service kiosks are currently used in more than 100,000 checkout lanes at North American retailers.

The new “Service Kiosks Market Study” from IHL Research also indicates transactions at self-service kiosks in North America are growing at a rate faster than 7% per year. The study covers transactions at self-service kiosks where payment is currently or soon to be taken, in the six categories of self-checkout systems, ticketing kiosks, check-in kiosks, food ordering kiosks, postal kiosks and other retail kiosks.

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FINANCE

Ascena’s Q4 income tops estimates; 180 to 190 stores on tap for 2014

BY Marianne Wilson

Suffern, N.Y. — Ascena Retail Group’s adjusted fiscal fourth-quarter profit exceeded Wall Street estimates, driven by strong same-store sales at its Lane Bryant division.

Looking ahead, the company, whose brands include Justice, Lane Bryant, Maurices, Dressbarn and Catherines, said it plans to open approximately 180 to 190 stores and close 115 to 125 stores.

Ascena’s net income jumped to $29.8 million for the quarter that ended July 27, compared with net income of $1.6 million in its fourth quarter last year.
Revenue increased to $1.2 billion from $939.7 million.

The company sounded a cautious note about the upcoming months.

“As we head into Fiscal 2014, we expect macro-economic factors to continue to pressure the apparel industry,” said David Jaffe, president and CEO. “In light of that, we have taken a conservative approach to how we are planning fall. Our teams are focused on driving profitable growth in 2014 and we feel that our brands are well positioned for this challenging environment.”

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