Retailer JCPenney is “backtracking” on CEO Ron Johnson’s new pricing strategy with a 30 percent discount on clearance items, according to Deutsche Bank.
The deal, advertised by e-mail, is available both in-store and online from Oct. 28 to Nov. 3, Charles Grom, a Deutsche Bank analyst, wrote in a note to clients.
“On the heels of a $10 in-store coupon provided earlier this month, free haircuts for kids, and free family photos to begin later this week, we believe JCP is backtracking on its no-promotion strategy, confusing customers,” said Grom.
Penney shares fell 5.7 percent to $24.01.