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3XSQ: Quarterly sales at Penney plummet

Friday, November 09, 2012 - 04:27

Nov 9 - J.C. Penney reported a much worse-than-expected decline in quarterly sales at stores open at least a year, after it got rid of most coupons and sales earlier this year.

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Ahead this can't act pennies and then. Speaking your neck out. Later in the shadow. Welcome this because this Friday from Reuters are headquartered in New York Ryan Johnson turnaround plan at JC Penney. Going exactly as planned. The former head of the apple stores attempt to wean shoppers off of coupons is still hurting the business in any major way. -- -- did hit minus 26 point 1% the decline in quarterly same store sales -- the retailer the company also posting a quarterly loss. Analysts say Johnson have to be more promotional if you want to do better over the holidays. He process of turning the stores into a collection of boutiques. Early results have been promising but the transformations have taken place at -- few -- at this point impact the overall results. JC Penney shares on sale trading near their 2012 low of 1906. Reached in July. Better news over at the magic kingdom and -- Disney's quarterly profit met expectations. Credit where visitors to its theme park and it's sports powerhouse ESPN. Which muscled higher rates at a cable operators while cutting marketing costs. The network advertising income shaky at most media outlets fell as well. Operating income at Disney's film studio also down by 32%. Blame the animated film grave at least in part at the box office earnings fell shy of last year's blockbuster cars to. Disney shares dropped nearly 5% premarket trading to 4736. There now what about 4680. Our power player of the day trying to -- ahead in mobile. It's Priceline CEO Jeff Boyd the head of the online travel business engineering purchase of -- travel site kayak. Is citing -- leading position in mobile applications as part of the reason for the one point eight billion dollar deal. -- apple operate independently. No word on whether it's on price. The purchase price works out to forty bucks a share nearly 30% premium to its Thursday close. Germany fearing France's heading upstream without a paddle. Our Nigel Stephenson joins us from London Nigel agrees fear is okay Spain is okay for. Yes. This is the new up for -- and he's the F normally we rather rudely referred to that takes. Portugal Italy Greece and Spain -- talking about countries and economic trouble but they -- sources tell us. Exactly that the German finance minister -- actually that has cost the so called weissman of Germany to produced a report on France such as his concerns about Europe's second largest economy except. All right Nigel Ellison also about this religious leader over there who's got something of a hidden past. Yes Justin wealthy has unveiled as the 105 archbishop of cuts rates today are drug meteoric rise to the Church of -- hierarchy. Until 1987 he was an oil executive fest with the French giant -- I content and then with enterprise well in London. Well being trained as a priest off the deputies in front door -- -- car -- is likely to come under intense pressure to prevent the Anglican church tearing itself apart. About women bishops and gay rights. Its predecessor -- Williams says he'll need the constitution of an aux and a scale never rhinoceros. But it's experience it's tough negotiation and deal making in the oil business should stop him and -- that -- While adjusting OK not so thank you so much. And actually speaking about animals and finally given our current weather woes here in New York you think you'd see animals traveling to -- two. Well not Australia where this loaned her -- travel solo by truck not art. To her new home in Sydney zoo. The draft name -- Toto was quite a -- on highways and main streets as she was transported from the western plains zoo is Sydney Toronto zoo. The reason for her move she had outgrown her enclosure and needed -- and of course. That's the latest -- times where this Friday you can follow us on Twitter at latest insider and check out our latest ET channel at Reuters dot com slash GP. I'm Lisa Bernhard this is.

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3XSQ: Quarterly sales at Penney plummet

Friday, November 09, 2012 - 04:27

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