Retailers, consumers and prices
Penney reported a net loss of $1 million, or nil per share, compared with a year-earlier profit of $117 million, or 52 cents per share. Analysts on average expected a loss of 1 cent per share, according to Reuters Estimates.
The loss was bigger over at Abercrombie.
The clothing retailer recorded a net loss of $26.7 million, or 30 cents a share, compared with a net profit of $77.8 million, or 87 cents a share, a year earlier.
Penney has fashioned itself as a value destination in the downturn, and said on Friday that it sold more merchandise at regular promotional prices and less at clearance prices. Shoes and women’s clothing were the strongest sellers, while children’s apparel sales were weakest.