JCPenney sales dropped 20.1% in the first quarter
HTT Staff -- Home Textiles Today, 5/15/2012 4:23:15 PM
Plano, Texas - JCPenney just released the numbers on its first quarter performance, saying that while the transformation of the company to a new strategy is ahead of schedule, "sales and profitability have been tougher than expected."
Net loss was $55 million compared to net income of $65 million for the year-ago period.
Sales fell 20.1% to $3.15 million, with comps down 18.9%.
"While we have work to do to educate the customer on our pricing strategy and to drive more traffic to our stores, we are confident in our vision to become America's favorite store. We fully expect that the bold and strategic changes we are making to our operations will result in improved profitability and sustainable growth over the long term," said Ron Johnson, ceo.
Johnson will hold a face-to-face meeting with analysts in New York to discuss the results and the new strategy beginning at 5 p.m. Eastern today. HTT will live-Tweet the session @HomeTextilesTod and will post a story on www.hometextilestoday.com afterward.
After visting a select few Chicago area stores, including the largest in Shamburg. The "Home" area is a disaster - Housewares/Tabletop has no selection of branded merchandise - the "discontinued" goods are long gone , so the shelves are empty !! Dinnerware is gone. Furniture dept - looks like a sea of "micro-Brown - Why not buy better brands like La-Z-Boy, Broyhill, etc - JCPenney has the space to build the best Home Area in the USA & you have a terrible selection of mechandise. Close-out the junk and Buy Better Brands , Made In USA if possible and coordinate your themes to meet the trends of 2012. With No Fresh Goods - You will Fail - Need to make it exciting NOW !!
Buzz Snyder - 2012-05-15 17:31:25 EDTThe pricing is great but the selection is not as good as before. The stores are plain but I could live with that if the selection is there.
L. Lee - 2012-05-15 17:11:45 EDTThe signing needs to be bigger and brighter! Yes the Sales are gone but you need to see the GREAT LOW PRICE. The signing is way to small.
C Bickens - 2012-05-15 16:46:21 EDT-
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