Reuters: Global Markets: Penney stock hits 13-year low as Goldman warns of slower improvement

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Penney stock hits 13-year low as Goldman warns of slower improvement Sep 25th 2013, 14:56 Tweet Share this Email Print Related Topics Hot Stocks » Asian Markets » Customers ride the escalator at a J.C. Penney store in New York August 14, 2013. Credit: Reuters/Brendan McDermid Wed Sep 25, 2013 10:56am EDT (Reuters) - J.C. Penney Co Inc (JCP.N) shares tumbled to their lowest in nearly 13 years on Wednesday after Goldman Sachs said it expects sales at the troubled department store chain to improve more slowly than expected. The stock slid as much as 16.5 percent to $9.94, the lowest since January 2001, before easing to $10.22. Penney has struggled since it eliminated coupons and sales events, favored by its price-conscious shoppers, last year, leading to a 25 percent decline in sales in 2012. Improvement has been slow in coming, with sales again dropping in the first and second quarters of this year. "We expect 3Q and 4Q to be difficult, with comp store sales likely showing a slower-than-expected improvement," Goldman said in a research note on Penney's credit. Goldman also noted the overall difficult environment for retailing is "increasing the risk of a poor holiday season that the company can ill afford." Earlier this year, Penney got a $2.25 billion loan arranged by Goldman to shore up its finances. A source told Reuters last week that the retailer was looking to raise more money, possibly through a combination of debt and equity, according to a source familiar with the matter. (Reporting by Phil Wahba in New York; Editing by Jeffrey Benkoe) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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