Why J.C. Penny Stock Dropped 33.5% in January
Shares of J.C. Penney (NYSE: JCP) declined 33.5% in January, according to data from S&P Global Market Intelligence, after the department-store chain announced disappointing holiday-season results.
The bulk of J.C. Penney's drop last month came on the heels of a Jan. 9 press release in which the company disclosed that comparable-store sales fell 7.5% in the nine-week period ending Jan. 4. To be fair, J.C. Penney was quick to point out that comps would have declined a more modest 5.3% if you excluded last year's exit from major-appliance sales and in-store furniture offerings.
IMAGE SOURCE: J.C. PENNEY.
Source Fool.com
