Editor’s Note: J.C. Penney Company, Inc. (NYSE:JCP), Wal-Mart Stores, Inc. (NYSE:WMT), Kohl’s Corporation (NYSE:KSS), Sears Holdings Corporation (NASDAQ:SHLD), Target Corporation (NYSE:TGT)
J.C. Penney Company, Inc. (NYSE:JCP) has its old CEO, Mike Ullman, in charge of the company again. Abundant sales and coupons have returned, as have brands that disappeared for a spell. In many ways, the J.C. Penney Company, Inc. (NYSE:JCP) of old is back. Whether this is a good thing for the company remains to be seen. About month ago, within days of Ron Johnson being fired as CEO and Mike Ullman retaking his former position at the helm of J.C. Penney Company, Inc. (NYSE:JCP), Ullman quoted in the Wall Street Journal saying that there were no plans to bring back the old J.C. Penney Company, Inc. (NYSE:JCP). “I wouldn’t recommend that we go back to the way J.C. Penney Company, Inc. (NYSE:JCP) was when I left,” he said. “Things change.”
J.C. Penney Pushes for Audits at Factories in Bangladesh (WSJ)
J.C. Penney Company, Inc. (NYSE:JCP) -3.51% plans to beef up its audits of factories in Bangladesh by requiring them for the first time to undergo structural and engineering inspections. Up to now, audits by J.C. Penney Company, Inc. (NYSE:JCP) and many other retailers have focused on fire safety and working conditions for factory staff. But the collapse last month of the Rana Plaza building in Bangladesh that housed five factories, killing more than 1,100 people, has raised awareness of other safety issues like structural problems that until recently had been overlooked.
J.C. Penney’s Ron Johnson Hangover: $348M First Quarter Loss Worse Than Expected (Forbes)
J.C. Penney Company, Inc. (NYSE:JCP) unveiled a deeper than expected first-quarter loss after the bell on Thursday. Having fired chief executive Ron Johnson less than a year ago, J.C. Penney Company, Inc. (NYSE:JCP) spent $72 million in restructuring and management charges in the quarter, and its cash stash currently stands at $821 million. The retailer lost $348 million in the quarter, or $1.58 per share. J.C. Penney Company, Inc. (NYSE:JCP)’s adjusted loss per totaled $1.31 per share, compared to the $1.08 expected by Wall Street analysts.
Investors Shun J.C. Penney Shares (TheStreet)
Investors shunned J.C. Penney Company, Inc. (NYSE:JCP) stock Friday following dismal earnings results and concerns over whether the company can regain the traction it lost even with the return of its former CEO. Shares were dropping 3.2% to $18.19 at last check on Friday. The stocks of Wal-Mart Stores, Inc. (NYSE:WMT) and Kohl’s Corporation (NYSE:KSS), were also slipping a day after both retailers reported first-quarter earnings that fell 0.9% and 0.3%, respectively. Shares of Sears Holdings Corporation (NASDAQ:SHLD) and Target Corporation (NYSE:TGT) were each in the green on Friday.
J.C. Penney’s New Plan Is to Reuse Its Old Plans (NYTimes)
J.C. Penney Company, Inc. (NYSE:JCP) already brought back its old chief executive. Now it is restoring his old strategies. From increasing promotions to bringing back house brands like St. John’s Bay, Myron E. Ullman III, the new C.E.O., is erasing most of the changes made by Ronald B. Johnson, the former Apple retail head who started with much fanfare in 2011. After significant changes and several disastrous quarters, Mr. Johnson was fired this spring and Mr. Ullman, who had been his predecessor, resumed command about five weeks ago.
