Democrats such as Elizabeth Warren had their eye on business and the working class during the first 2020 presidential primary debate in Miami.2020 Electionsread more
The issue over health insurance marked the first stark divide among the candidates, and sparked a heated back-and-forth between many of the candidates on stage.Politicsread more
Huawei's legal chief told CNBC that the company makes "solutions for civil use."Technologyread more
Four candidates mentioned China — but none of the Democratic contenders brought up trade in the debate.Politicsread more
In a strategy to draw attention away from Wednesday's Democratic debate, President Donald Trump's reelection campaign bought out YouTube's "masthead," the leading...2020 Electionsread more
The Federal Aviation Administration said on Wednesday that is has found an issue with the Boeing 737 Max that the manufacturer must address before it lifts the grounding...Airlinesread more
The collapse of the deal potentially ended Sinclair's hopes of building a national conservative-leaning TV powerhouse that might have rivaled Fox News.Mediaread more
Huawei legal chief Song Liuping told CNBC that the company is in the "early phase" of talks with Verizon over paying royalties.Technologyread more
Virginia Sen. Mark Warner breaks down the idea behind a bipartisan bill he introduced to provide more transparency in Big Tech.Technologyread more
Tesla is working on new battery cell designs, and a way to make their own cells, with R&D teams in a lab near its car plant in Fremont, California.Technologyread more
Wi-Fi 6 will be the next-generation wireless standard. Along with 5G, it will represent the next big shift in connectivity and data, said Irving Tan, senior vice president and...Shaping the futureread more
(Adds details throughout, updates share price)
May 21 (Reuters) - J.C. Penney Co Inc reported a steeper-than-expected fall in quarterly comparable-store sales on Tuesday after the retailer exited its appliance and in-store furniture categories, sending shares down 10% in premarket trading.
The retailer, which earlier this year said it would stop selling major appliances like fridges and washing machines, said leaving those categories cut comparable sales by 20 basis points.
One of the oldest names in American retail, J.C. Penney has struggled to excite customers with its mid-priced clothing and has steadily lost out to fast-fashion brands and online shopping.
Penney has tried to strengthen its apparel business to compete with online retailers like Amazon.com Inc and off-price retailers like TJX Cos Inc.
The Plano, Texas-based company has shut hundreds of stores over the years and revamped its locations to boost sales and revive profits.
Sales at stores open for at least 12 months fell 5.5% in the first quarter, its sixth straight quarterly drop. Analysts, on average, had expected a 4.21% fall, according to IBES data from Refinitiv.
The company's net loss nearly doubled to $154 million, or 48 cents per share, in the three months ended May 4.
Excluding one-time items, the company lost 46 cents a share, more than the 38-cent loss analysts had expected.
Total revenue decreased 4.3% to $2.56 billion, in line with the average analyst estimate.
The company said it hired Shawn Gensch as its chief customer officer. Gensch, hailing from Sprouts Farmers Market Inc , will oversee marketing strategies relating to areas including digital, advertising and customer research.
(Reporting by Siddharth Cavale in Bengaluru and Melissa Fares in New York; Editing by Sriraj Kalluvila and Bernadette Baum)