J.C. Penney Co Inc on Friday will end a clothing subscription service venture, the retailer said this week, a move toward sharpening its focus on ...
NEW YORK: J.C. Penney Co Inc on Friday will end a clothing subscription service venture, the retailer said this week, a move toward sharpening its focus on more-profitable apparel sales and exiting lines like major appliances.
Through the partnership, Plano, Texas-based Penney became one of many consumer companies to pitch online subscription services. The strategy has not always worked. Penney has generated a quarterly profit just three times since 2012 and analysts expect it to report another net loss in the fourth quarter.
Its bonds were downgraded twice in the past 12 months by each of the three main credit rating agencies and now stand six notches into junk bond territory. Its longest-dated obligation, a US$500 million"century bond" issued in 1997 and maturing in 2097, is quoted at 35 cents on the dollar and has lost half its face value in the past year.
Trent Kruse, J.C. Penney's head of investor relations, highlighted the success of Penney's overall sales to big and tall men on an earnings call last November."Men's apparel outpaced the company comp with particular strength in big and tall, active and seasonal categories," Kruse said.
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