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Express to open 30+ Central and South American stores over 5 years
Columbus, Ohio -- Express said Friday that one of its subsidiaries has entered into a franchise agreement with Fastco Commercial S.A., a retail franchise operator, to open more than 30 Express stores over a five-year period in Panama, Peru, Costa Rica, Colombia, The Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras and Nicaragua.
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J.C. Penney records bigger-than-expected Q2 loss; 22% sales drop
Plano, Texas -- J.C. Penney Co. reported Friday a bigger-than-expected second-quarter loss of $147 million, compared with net income of $14 million in the same period last year.
Sales plummeted 22% to $3.02 billion from $3.9 billion, and same-store sales tumbled 21.7% after an 18.9% fall in the first quarter. Wall Street had forecast revenue of $3.2 billion.
Facing the investment community on Friday, CEO Ron Johnson admitted to some strategic pricing mistakes, but said he and his team will stay the course.