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- BusinessCNBC•18 hours agoThe 'Nightmare before Christmas' has claimed another retailer
Despite several early reads that the season came in better than expected, most of the department stores and specialty chains that have announced their results said sales at their established stores continued to slide in November and December. The latest victim of the trend was J.C. Penney (JCP), which on Friday reported a comparable-sales drop of 0.8 percent during the final two months of 2016. While that dip was less severe than the declines at competitors Kohl's (KSS) and Macy's (NYSE: M), it was well shy of Wall Street's expectation for 3 percent growth.
- BusinessThe Street•21 hours agoJ.C. Penney's Stock Slammed After Holiday Same-Store Sales Decline
J.C. Penney's ( JCP) stock is under pressure after the company said same-store sales dropped eight-tenths of a percent during the nine-week holiday period. The company said women's apparel sales were weak but it did see strength in appliances, outerwear and makeup at its Sephora stores. J.C. Penney said its e-commerce business had double-digit growth. The retailer said it will deliver a positive operating profit in the quarter, and reaffirmed its full-year Ebitda target of $1 billion for the last fiscal year.
- NewsBusiness Insider•2 days agoA self-made millionaire explains how a 'painful' money mistake he made in college led him to the investment strategy that made him rich
For bestselling author David Bach, who released an updated version of his hit book "The Automatic Millionaire" in December, a bad money experience in college scared him into becoming a smart investor. "[T]he [mistake] that's the most painful, that shaped me as a person, it's getting in credit card debt in college," Bach explained on the debut episode of "Better Off," a podcast hosted by financial planner and business analyst Jill Schlesinger. "Because my hole that I dug for myself in college by spending money on things that I did not need, to show off to friends that did not care, was a life-changing moment because I was, at one point, $5,000 in credit card debt as a sophomore.
