The numbers are AWFUL!
J.C. Penney Co. Inc. fell deep into the red in the fourth quarter and
full year, with losses of $552 million and $985 million, respectively,
on comparable-store sales that dropped more than 30 percent in the
quarter. The numbers came out after the stock market closed, but Wall
Street still took its revenge, sending Penney’s shares down in
after-hours trading by 15.1 percent to $17.96.
In a conference call with analysts, chief executive officer Ron
Johnson issued a mea culpa on some issues and outlined shifts in his
strategy for the retailer’s ongoing turnaround.
“As much as we accomplished last year, we also made some big
mistakes,” he said. “I take personal responsibility for these.
Experience is making mistakes and learning from them. I have learned a
lot....We worked really hard and tried many things to help the customer
understand that she could shop anytime on her terms. But we learned she
prefers a sale. At times she loves the coupon. And always she needs a
reference price.”
READ FULL STORY HERE: WWD
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