Posted on 05/07/2013 4:13:39 PM PDT by South40
J.C. Penney Co. (JCP -3.07%) forecast a sharper-than-expected decline in fiscal first-quarter sales, citing the effect of former Chief Executive Ron Johnson's strategies to turn around the struggling department-store operator.
For the quarter ended Saturday, the company said it expects to post sales of roughly $2.64 billion, a 16% drop from the prior year. Analysts polled by Thomson Reuters expect sales of $2.74 billion, or a 13% decline.
Same-store sales were estimated to be down 16.6%, after falling 18.9% a year earlier.
(Excerpt) Read more at online.wsj.com ...
Are you also out of all the other companies he’s invested in?
Glad he’s gone, and hope the damage can be repaired. Finally went back after a year, and found the softest, prettiest V-neck tees. I believe they are called “slub tees” and come in every color of the rainbow. $6.99!!
Too true. I was never out of their home store, and always left with something, but they dropped all the brands I used to buy, and the store is nearly empty now and has been for months. Latterly I have been getting cards for 10 or 20% off, but there is nothing to buy. Only saw 2 salespersons in the whole store when I was last in, which was fine as there were only about two customers in the store, aside from myself, and we were all disgusted with the empty shelves and odd items for sale, which looked like the picked over leftovers from previous glory days. Saw one gal tearing her coupon in half, and dropping it in the trash. Pity, it used to be a favorite haunt.
There were so many holes needing plugged and so far he's done exceptionally well. Keep in mind not only did Johnson leave but he lost three of his own people in the past seven months and took three more with him when he left. So Ullman also has had to get people back to work with him....
It's been a circus and it's not done yet...but we employees are very excited and hopeful...you cannot imagine the relief felt when Johnson was fired....it was like a shoe was taken off every-bodies neck!
Wow...I’m glad for you. I’ve tried get the point across to JCP that they have to STEP UP, not just idle-away, if they want to survive. They lost most of their wealth under Johnson - they cannot build it back up very quickly, unless they take some chances, as in Chick-a-Fill. Just trying to go back to where they were simply CANNOT work, and I can promise you that.
If you see that, get your resume in the mail, immediately.
Johnson wanted “Designer” shops...that is not Penney's nor would it ever be....although they've always had several shops within the store right along. But there will be no more tearing out depts’s to make room for the expansions Johnson was doing..and that rapidly.
Our store was the busiest I'd seen it in months ...we were all on the run trying to keep up with the customers...I was bushed but very happy to see the customers returning in droves as they did over this weekend.
It will be a favorite place again...it's been just three or four weeks...give it some time.
Those I know of, yes. I try not to knowingly spend money that goes in the pocket of a known enemy of everything conservatives stand for.
What do you do?
Waaahaaahaaa!!!
Ha! So does my brother...I think alot of men love the store..they usually come in and get what they want...they like consistency....not shopping like woman do.
Yes, I hope I'm right as well...I got to say when I took this job after taking an early retirement I wasn't prepared for Johnson coming in and all this mess...it's taken a toll on many employees...some left because they could no longer handle the anger of the customers over these changes...it's been truly awful...I've never seen so many angry customers so often, for such a long period! They were truly nasty!
It's been my pleasure to inform them Johnson's gone and things will be normal in time...
Is JC Penney still celebrating sodomy? I haven’t bought—and in fact I have AVOIDED the stores in my area since finding out about their embrace of perversion.
They do need to bring back the top sellers Johnson got rid of....keep in mind his target audience was young people and high spenders...neither of which was Penney's..but something else he was attempting to create.
Johnson offended the base customers greatly..and the employees....as well as those working with him...he was on a one man mission and nothing was going to sway him from that.
Ullman had already been bringing in new “shops” but at a pace that is the standard for customers to adjust to.
If you look at the stats for Penney's when the 0 financial crisis hit...Penny's was one of the very few retailers who remained stable..not good nor bad but stable. The man who brought Penny's thru that is at the helm now...so if anybody can do this I think he can stabilize the ship.
Well, then I will wish you success and good fortune.
I looked (quickly) through this year’s Mother’s Day flyer and didn’t see anything suggestive of homosexuality. Going to wait and check the Father’s Day one before drawing any conclusions.
I think you meant Chick-fil-A. ;>)
“I think you meant Chick-fil-A.”
Call it what you will, it just flows much better my way.
Good. It was bad enough to push Ellen Degenerus on us, then Soro’s buys a chuck of stock. I use to shop at Penney’s, no more.
They were so anxious to enter a bold new scheme...throw the LGBT crap in the public’s faces, like Obama does, and hopefully, the world rushes in to say how wonderfully fashionable you are. Only, they forgot that JCP customers are, and mostly have been, conservative and family-oriented by traditional means.
My wife dragged me to the local JCP to look at some housewares.
I found the exact same item (vendor, brand, box and item, same sku even) at the local Walmart for 30% less. If they sell the same cr@p as Wally world, why bother to go to either place?
If it’s truly that significant to you you might want to check where your utilities come from....don’t shop Costco or buy Papermate, UniBall or Sharpies...and certainly don’t pay for anything with an America Express Card...and when you buy tool stay away from Vise-Grip and Unibit.
He’s invested in all these and far more.
<....they forgot that JCP customers are, and mostly have been, conservative and family-oriented by traditional means....>
Johnson didn’t forget...he didn’t want them...they were no longer his target customers at all. He wanted to remake Penney’s to something it is not...it was doomed to fail from the get go for he broke every rule known of the standards in operating a retail store and it’s environment, let alone insilting the customers who had been loyal for years to Penney’s.
It got so bad I really began believing it was dileberate to bring Penny’s down!
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