“We took necessary actions to mark down and clear excessive inventory positions across many of our categories, which encompasses more than just seasonal product or fashion misses,” Chief Financial Officer Jeffrey Davis said. The poor results and cut in its annual forecast highlighted the struggles of brick-and-mortar retailers in attracting shoppers amid lower demand for apparel and cut-throat competition from Amazon.com Inc and other online players. Earlier this year, Penney said it was “still playing catch-up” in certain areas, and that fixing its women’s apparel business was its top priority. …read more
Source:: Yahoo Finance
