Reginal Thomas
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J.C. Penny Missed Expectations Again


J.C. Penny (NYSE: JCP ) came out with their second quarter report yesterday and the department store chain  have a revenue of $2.66 billion they missed analyst's expectations of $2.78 billion. Shares fell by $2.06 compared to the $1.07 people were expecting. 

The CEO Mike Ullman said that comparable store sale were down 11.9% in the quarter, and they were still suffering from failed merchandising and promotional strategies, which lead to huge mark downs and clearance sales. Those same failed promotional strategies were probably the same one that lead to the former CEO Ron Johnson getting fired.