Piper Jaffray has some thoughts on the apparel sector, including J.C. Penney JCP.
In the research note, Piper Jaffray says, "Our proprietary pricing analysis points to a -0.7% decline during the first three weeks of September, marking the eighth consecutive month of declines. July CPI data indicated apparel prices fell -0.4% Y/Y versus our index at -0.9%. Pricing likely remains down due to lower costs of imported units along with a continued focus on driving traffic and market share through reinvesting in price. Apparel
imports continue to show Y/Y growth and this increase in inventory, coupled with lower prices, is likely to limit merchandise margin improvements in the 2H'CY10."
Shares of J.C. Penney closed at $22.33 yesterday, a gain of $1.18 or 5.58%.
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