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(Reuters) - J.C. Penney Co Inc (JCP.N) shares sank below $2 for the first time on Thursday after it said it had alienated core middle-aged customers while chasing millennial buyers, and the venerable brand forecast an unexpectedly large loss. The company’s shares fell more than 27 percent to $1.75 in morning trading, the lowest since it listed on the New York Stock Exchange a week before the launch of the Great Depression in 1929. One of the big names in U.S. retailing, Penney has gone through three chief executives in five years as it struggles to figure out what shoppers want in an industry buffeted by fast-fashion chains and Amazon.com Inc (AMZN.O).
Chief Financial Officer Jeffrey Davis said the chain might have undermined its traditional customer base of women over the age of 45 by revamping fashion lines to chase younger, trendier shoppers, “We were no longer necessarily having the broad array of merchandise silhouettes that is most important for her (our core customer),” Davis said on a post earnings call, To clear excess inventory, the company had 18k white gold diamond & onyx convertible 3 in 1 cufflinks to heavily discount not only seasonal merchandise but also its newer, trendier fashions, it said..
The discounting drove a wider-than-expected loss in the second quarter, while both revenue and same-stores sales also fell short of estimates. “This flailing around is a symptom of a wider problem in that J.C. Penney no longer has a sense of what it wants to be and who it wants to serve,” GlobalData Retail’s Neil Saunders said. The company’s problems have been exacerbated by a lack of clarity on its leadership after CEO Marvin Ellison left abruptly in May to join home improvement chain Lowe’s Cos (LOW.N).
Penney’s said on Thursday it has met highly qualified candidates to replace Ellison, but has not made 18k white gold diamond & onyx convertible 3 in 1 cufflinks a decision yet, It now expected its losses per share for the year to be between 80 cents and $1, much worse than a previous forecast which ran from a loss of 7 cents to a profit of 13 cents, That will reflect further efforts to right-size its inventory and fix its apparel offerings in the months ahead, According to Thomson Reuters I/B/E/S, analysts had expected a profit of 4 cents for the full year..
(Reuters) - Tesla Inc (TSLA.O) is on its way to make 8,000 Model 3 cars per week even as it burns more cash, Evercore analysts wrote in a note on Thursday, following their visit to the electric-car maker’s California facility. Tesla produced 5,031 Model 3 electric cars in the last seven days of the second quarter, the company said in early July, meeting its long-elusive production target after several hiccups. “Tesla seems well on the way to achieving a steady weekly production rate of 5 to 6k units per week,” Evercore analysts said after a two-day visit to the Tesla facility.
“In addition, the capex required and constraints that need to be overcome to reach 7 to 8k units per week seem well within reach.”, The company is under pressure to prove it can increase the production of 18k white gold diamond & onyx convertible 3 in 1 cufflinks Model 3, its lowest-priced car, amid production challenges and cash burn, as it seeks to become a mass-market automaker, Evercore had earlier forecast production of 123,000 Model 3s during the second half of the year, but the analysts said they may need to boost that by as much as 7 percent after the tour..
(Reuters) - U.S. supermarket operator Kroger Co (KR.N) said it will start testing driverless grocery delivery on Thursday with technology partner Nuro at a single Fry’s Food Store in Scottsdale, Arizona. Kroger and rival Walmart Inc (WMT.N) each have teamed up with autonomous vehicle companies in a bid to lower the high-cost of “last-mile” deliveries to customer doorsteps, as online retailer Amazon.com (AMZN.O) rolls out free Whole Foods delivery for subscribers to its Prime perks program.
“Kroger wants to bring more customers the convenience of affordable grocery delivery,” said Kroger Chief Digital Officer Yael Cosset, who added that the test will also gauge consumer demand for the service, The first phase of the test will use a fleet of Toyota Prius cars equipped with Nuro technology, Those cars have seats for humans who 18k white gold diamond & onyx convertible 3 in 1 cufflinks can override autonomous systems in the event of an error or emergency, Nuro’s R1 driverless delivery van, which has no seats, will begin testing this autumn, the companies said..