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Oct 10, 2013

U.S. retailers’ sales rise in September, but shoppers stay cautious

NEW YORK (Reuters) – U.S. shoppers continued to show caution in their spending in September, gravitating toward bargains, as political strife in Washington and slow job growth hurt their confidence with the start of the holiday season just weeks away.

L Brands Inc (LTD.N: Quote, Profile, Research, Stock Buzz) on Thursday reported sales at stores open at least a year rose 1 percent in September, missing Wall Street estimates of a 2 percent gain. The company had soft business at its Victoria’s Secret chain, where it had to offer deeper promotions than it had expected.

Oct 10, 2013

U.S. retailers’ sales rise in September, but shoppers stay cautious

NEW YORK, Oct 10 (Reuters) – U.S. shoppers continued to show
caution in their spending in September, gravitating toward
bargains, as political strife in Washington and slow job growth
hurt their confidence with the start of the holiday season just
weeks away.

L Brands Inc on Thursday reported sales at stores
open at least a year rose 1 percent in September, missing Wall
Street estimates of a 2 percent gain. The company had soft
business at its Victoria’s Secret chain, where it had to offer
deeper promotions than it had expected.

Oct 8, 2013

Penney says September sales show improving trend

By Phil Wahba and Siddharth Cavale

(Reuters) – J.C. Penney Co Inc (JCP.N: Quote, Profile, Research, Stock Buzz) on Tuesday told investors for the second time in less than two weeks that sales trends are improving, seeking to quell fears about its turnaround that have pummeled the retailer’s shares.

Penney, urgently trying to lure back shoppers this year after a failed attempt to go upmarket in 2012 led to a 25 percent drop in sales, reported a smaller decline in same-store sales for September than for August, sending shares up as much as 6.9 percent in regular trading.

Oct 7, 2013

Fifth & Pacific sells Juicy Couture brand for $195 million

By Phil Wahba

(Reuters) – Fifth & Pacific Cos Inc (FNP.N: Quote, Profile, Research, Stock Buzz) on Monday said it has agreed to sell its once-popular Juicy Couture business to Authentic Brands Group for $195 million to focus on its fast-growing, higher-end Kate Spade brand.

Juicy, known for its velour track suits and urban feel, saw sales plummet in recent years as the brand fell out of favor. Attempts to turn around what was still Fifth & Pacific’s top selling brand last year failed.

Sep 28, 2013

Penney stock plunges on share sale, lower cash forecast

By Phil Wahba and Olivia Oran

(Reuters) – J.C. Penney Co Inc’s decision to shore up its cash reserves by issuing almost $1 billion in new shares sent its stock tumbling more than 13 percent Friday.

Earlier in the day, the struggling U.S. department store chain had cut its forecast of year-end cash reserves, suggesting that it is burning through money faster than expected.

Sep 27, 2013

J.C. Penney says to raise up to $932 million in stock sale

By Phil Wahba and Olivia Oran

(Reuters) – Struggling department store operator J.C. Penney Co Inc (JCP.N: Quote, Profile, Research, Stock Buzz) expects to raise up to $932 million from a share sale, leaving it with about $2.2 billion in cash at the end of the year.

J.C. Penney, whose shares have been hit by concerns that it does not have enough cash to fund its operations going into the holiday season, said on Friday it would sell 84 million shares in a public offering at $9.65 per share.

Sep 27, 2013

J.C. Penney seeks to sell as many as 97 million shares

By Phil Wahba and Olivia Oran

(Reuters) – Struggling department store company J.C. Penney Co Inc (JCP.N: Quote, Profile, Research, Stock Buzz) said on Thursday it had begun a public offering of up to 96.6 million shares, a move that will massively dilute its current shareholders.

Penney, which currently has 220 million shares on issue and a market value of about $2.2 billion, has been hit by collapsing sales after a failed attempt in 2012 to go up-market. It said it plans to use the money raised for general corporate purposes.

Sep 26, 2013

Exclusive: Penney leaning toward $1 billion equity raise – sources

By Olivia Oran and Phil Wahba

(Reuters) – J.C. Penney Company Inc is looking to raise as much $750 million to $1 billion in new equity to build up its cash reserves as the holiday season approaches, according to three people with knowledge of the matter.

Penney, whose shares have fallen 49 percent so far this year, has a market value of $2.6 billion. The U.S. department store chain is leaning toward issuing new shares, the sources said, although other methods of raising capital are also on the table.

Sep 25, 2013

Penney leaning toward $1 bln equity raise -sources

Sept 25 (Reuters) – J.C. Penney Company Inc is
looking to raise as much $750 million to $1 billion in new
equity to build up its cash reserves as the holiday season
approaches, according to three people with knowledge of the
matter.

Penney, whose shares have fallen 49 percent so far this
year, has a market value of $2.6 billion. The U.S. department
store chain is leaning toward issuing new shares, the sources
said, although other methods of raising capital are also on the
table.

Sep 20, 2013

J.C. Penney in talks to raise more money: source

By Olivia Oran and Phil Wahba

(Reuters) – J.C. Penney Co Inc (JCP.N: Quote, Profile, Research, Stock Buzz) is looking to raise more money, possibly through a combination of debt and equity, according to a source familiar with the matter.

Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz) is advising Penney, the source said, adding that the U.S. retailer is in early talks with banks and institutional investors. The company is evaluating all alternatives with regard to raising capital, the source said.

    • About Phil

      "Phil Wahba joined Reuters in 2008 and has covered the exchanges, equity capital markets (IPOs), corporate bankruptcies and now covers retailers such as department stores and booksellers."
      Joined Reuters:
      2008
      Languages:
      English, French, Spanish, German and Danish.
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