J.C. Penney Co., the 110-year-old department-store company, is “backtracking” on Chief Executive Officer Ron Johnson’s new pricing strategy with a 30 percent discount on clearance items, according to Deutsche Bank AG.
U.S. retailers’ September same-store sales topped analysts’ estimates, led by discount and specialty- apparel chains that benefited from back-to-school shopping, while department stores trailed projections.
U.S. stocks fell, after the biggest advance in more than a month for the Standard & Poor’s 500 Index, as Intel Corp. and International Business Machines Corp. drove a slump in technology shares after reporting results.
Wal-Mart Stores Inc. ’s prices rose in September to the highest level in at least 21 months, according to JPMorgan Chase & Co., as the world’s largest retailer scaled back discounts from earlier this year.
Family Dollar Stores Inc. surged the most in more than 30 years in New York trading after investor Nelson Peltz offered to buy the retailer for as much as $7.6 billion, spurring speculation other suitors will follow.