After Cratering Again In Early Trade, JCPenney Defends Itself, Says It Is "Pleased With Turnaround Efforts"
After cratering another 10%+ lower this morning, and touching the mid-$8 level, JCP had no choice but to defend itself as otherwise it was straight to zero as the short surge pummeled the stocks with relentless fury. Sure enough, moments ago the management team posted an unsolicited release informing everyone who had "inquired" that despite reality seeping in with every passing day that the inevitable end is getting closer, the company is "pleased" with its turnaround efforts and "anticipates" positive comp store trends.
In response to inquiries, JCPenney said today that it is pleased with its progress thus far in the Company`s turnaround efforts and the traction its initiatives are starting to achieve. Moreover, the Company said it is starting to see greater predictability in its performance across many areas.
The Company continues to be encouraged by improvements in purchase conversion both in store and on jcp.com, primarily due to being back in stock in key items and sizes the customer expects to find at JCPenney. Overall sales on jcp.com continue to trend double digits ahead of last year.
The Company still anticipates it will experience positive comparable store sales trends coming out of the third quarter and throughout the fourth quarter of 2013.
Of course, when the anticipation does not pan out, we fully expect management to promptly inform investors to such a development. And now we await the Fairfax "highlight confident" Letter Of Intent imminent LBO as all existing holders get the hell out of the melting icecube dodge on this latest attempt to trap shorts, which like all previous ones, will fail.
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