JCPenney (NYSE:JCP): Current Price $17.65
The New York Post cites sources close to JCPenney (NYSE:JCP) to reveal that sales at stores open at least a year slumped by more than 30% through the critically important holiday season. By year-end, the chain had been publicising discounts of 20 to 30% as it worked to clear inventory, but shoppers were not exactly falling over themselves to avail of the offers. Yesterday, JCPenney’s website was advertising discounts of 30 to 50% across thousands of items. The continued discounting could pressure cash generation which in turn could impact plans to open new in-store shops as per CEO Ron Johnson’s grand revival plan.