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More pain before long-term gain at JCP
If JCPenney CEO Ron Johnson is concerned by a 21.7% second-quarter same-store sales decline and a worse-than-expected loss, it wasn't evident Friday morning.
The retailer said sales for the second quarter ended July 28 declined 22.6% to a little more than $3 billion, resulting in a $147 million loss, or 67 cents per share. After adjusting for $159 million in restructuring charges, the company reported a loss of $81 million, or 37 cents per share. The 21.7% comp decline follows a first-quarter decline of 18.9%.
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Martha Stewart Living seeks to appeal court ruling in Macy’s favor
New York -- Martha Stewart Living Omnimedia Inc. filed a notice of appeal in a lawsuit by Macy's Inc. in New York State Supreme Court in Manhattan, Bloomberg reported.
Macy’s sued Martha Stewart Living in January to stop the company from executing a sales agreement that it announced in December with J.C. Penney Company. Macy’s said it had the exclusive right to sell Martha Stewart-branded products in certain categories.