According to a report from The Dallas Morning News, the Department store J.C. Penney Company, Inc. (NYSE:JCP) lays off about 2,200 employees in most of its stores and district offices on Wednesday.
This move comes after previous cut off of 19,000 employees in past year, when the company began its transformation with Chief Executive Ron Johnson at the helm.
The retailer sales dropped sharply in the first full year of the turnaround as consumer’s failed to warm up to Johnson’s initial plan to adopt everyday-low prices and shops within stores.
The analysts at Citigroup Inc. (NYSE:C) and Oppenheimer downgraded the retailer’s shares on Wednesday and cut their price targets.
J.C. Penney Company stock in last session held volume of 9.44 million shares as compare to its average volume of 13.76 million shares. The stock after opening at $14.77 hit high price of $15.26 and then closed at $14.79 by rising up 2.49%.
Looking at the revenue measures, the company generated sales of 12.99 billion in last twelve months with income of $-985.00 million. The Company showed a negative -7.59% in the net profit margin and its operating margin is calculated as -10.09%. Company’s annual sales growth for the past five years was -8.15%.
JCP past twelve months price to sales ratio was 0.24 and price to cash ratio recorded as 3.40. As far as the returns are concern, JCP return on equity recorded as -27.43% while its return on assets stayed at -9.29%.
Citigroup stock in last session held volume of 11.93 million shares as compare to its average volume of 28.81 million shares. The stock after opening at $44.56 hit high price of $44.97 and then closed at $44.56 by falling -0.07%.
Looking at the revenue measures, the company generated sales of 68.14 billion in last twelve months with income of $7.50 billion. The Company showed a positive 11.27% in the net profit margin and its operating margin is calculated as 11.31%. Company’s annual sales growth for the past five years was -10.90%.
Citigroup Inc. past twelve months price to sales ratio was 1.98 and price to cash ratio recorded as 3.70. As far as the returns are concern, Citigroup Inc. return on equity recorded as 4.12% while its return on assets stayed at 0.42%.