It wasn't too long ago that major retail outlet JCPenney caused a bit of a stir in conservative circles by not only featuring powerful lesbian talk show host Ellen Degeneres in one of their commercials, but further endorsing homosexuality as a normal lifestyle choice by featuring two gay "dads" in a Father's Day ad.
One Million Moms, a conservative watchdog group, was mocked and met with scorn from the liberal media for having the audacity to stand up to JCPenney for promoting sin while pushing homosexuality onto consumers who don't care about the political views of morally bankrupt, rich, white liberals and just want to shop. But after what seemed to be a victory for anti-God Left, what with calls to boycott JCPenney being met with laughs and the store defending its in-your-face, radically-leftist agenda, One Million Moms may be getting the final laugh as thanks in part to going gay we may be soon the last days of JCPenney:
J.C. Penney (JCP: 22.67, -0.73, -3.12%) swung to a loss after reporting a sharp 23% decline in second-quarter sales, but CEO Ron Johnson said the retailer’s transformation is “on track.”RELATED: Kiss Off: Networks Spike Coverage of Chick-fil-A Kiss-in After Poor Turnout
The company has had a series of disappointing quarters despite undergoing a massive overhaul that is supposed to fix its price strategy and revamp the department store’s image.
In June, J.C. Penney’s highly-coveted president, Michael Francis, who was poached from Target (TGT: 62.51, -0.33, -0.53%) to help lead the retailer’s turnaround efforts, left after just eight months.
The Plano, Texas-based company reported net loss of $147 million, or 67 cents a share, compared with a year-earlier profit of $14 million, or 7 cents.
Excluding one-time items, the company lost 37 cents a share, worse than the 25-cent loss forecast by analysts in a Thomson Reuters poll.
Revenue for the three months ended July 28 was $3.02 billion, down 22.6% from $3.91 billion, narrowly below the Street’s view of $3.2 billion. Comparable-store sales – a highly-watched growth metric for retailers – fell by 21.7%, while online sales dipped 32.6%.
J.C. Penney also said it “no longer anticipates achieving the previously issued non-GAAP earnings guidance” for fiscal 2012, but said the company expects to end the year with at least $1 billion of cash on the balance sheet even after spending $800 million on the restructuring.