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   J.C. Penney shares sank as much as 10% this morning, after the   
   department-store chain, in the midst of a controversial   
   turnaround, posted a larger-than-expected quarterly loss.   
      
   J.C. Penney swung to a $203 million, 93 cents a share, loss,   
   from a $186 million, 71 cents a share, profit a year earlier.   
   Excluding one-time items, J.C. Penney lost 56 cents a share.   
   This greatly exceeded analysts’ prediction of 19 cents a share.   
      
   Same-store sales fell 26.1%, suggesting that J.C. Penney’s   
   struggles to attract and keep customers continue. This is a key   
   metric for retailers because it strips away volatile results   
   from newly opened or closed stores.   
      
   “At first blush, the JCP print is not very pretty.  At second   
   blush, the JCP print might be even worse than the first blush,”   
   says Deutsche Bank analyst Charles Grom. “Trends at J.C. Penney   
   are obviously getting worse, not better, and we are becoming   
   more and more convinced that sales in 2013 will also decline,   
   which could lead to a going-concern problem next year.”   
      
   Revenue in the third quarter was $2.92 billion, beneath the   
   $3.23 billion forecast by analysts. Gross margin fell to 32.5%   
   from 37.4%. And significantly, J.C. Penney did not update   
   investors on its pledge to have $1 billion in cash on the   
   balance sheet to start 2013, a signal that it may not be able to   
   fulfill that goal.   
      
   The drop in same-store sales, which has occurred throughout the   
   year, also highlights concerns about how badly J.C. Penney will   
   perform during the key Christmas shopping season, a period where   
   retailers gain a significant portion of annual sales. “I am sure   
   many of you are wondering how we’re going to make it through the   
   next eight weeks,” CEO Ron Johnson this morning told an audience   
   of investors and analysts   
      
   Shares of J.C. Penney fell 7.2% in early afternoon trading.   
      
   “J.C. Penney is not a top destination and is nowhere near   
   becoming a top destination in peak seasonal shopping periods,”   
   says Brian Sozzi, chief equities analyst at NBG Production. “If   
   these comp and margin run rates continue, J.C. Penney may have   
   to raise capital or consider removing itself from the public   
   markets—getting certainty of value for shareholders instead of   
   staying public and hoping the turnaround brings to surface   
   unrealized value.”   
      
   Johnson hopes an ambitious transformation of the 11o-year-old   
   retailer—refreshing locations and creating a stores-within-a-   
   store layout—will make it more competitive against Kohl’s and   
   Macy’s, as well as Wal-Mart and Target.   
      
   Johnson, the former Apple Retail chief and Target executive,   
   this morning described a split in the company: Customers dislike   
   what the old J.C. Penney has become, but are upbeat about the   
   new stores. The makeover includes wider aisles and sections   
   devoted to individual brands centered around a cafe and lounge   
   area; technology, like iPads and mobile checkout systems, also   
   play a role. “I’m really leading two companies. One is J.C.   
   Penney, a promotion department store. The other is JCP, a   
   specialty department store,” says Johnson. “What’s going to be   
   good for one is not going to be good for another.”   
      
   http://www.forbes.com/sites/abrambrown/2012/11/09/investors-line-   
   up-to-check-out-from-j-c-penney-after-203-million-q3-loss/   
      
   Choke on your faggots and go bankrupt.   
      
               
         
      
   --- SoupGate-DOS v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)