J.C. Penney doled out extra element about its plans to attempt to flip issues round on the struggling division retailer chain. However the actualit
J.C. Penney doled out extra element about its plans to attempt to flip issues round on the struggling division retailer chain. However the actuality is within the numbers. And Penney’s gross sales are nonetheless falling, because the retailer continues to lose cash.
Penney solely has a lot time to attempt to win clients again, and to maintain present ones coming to its outlets. It isn’t as if buyers haven’t got loads of locations to select from for his or her garments, house furnishings and make-up right this moment, together with on-line. And visitors continues to drop off at America’s outdated buying malls.
Penney is looking for gross sales to be down 7% to eight% in fiscal 2019. It hasn’t reported a quarterly gross sales acquire because the 2017 vacation season. It has teetered between gross sales declines and development over the previous decade, reporting a drop in annual gross sales of 6.6% final 12 months, in contrast with a 2.6% acquire the 12 months prior.
CEO Jill Soltau informed analysts on Friday morning, “We all know we have to ship one thing totally different,” for 117-year-old Penney to be round for one more 117 years. Penney particularly desires to keep away from the destiny of bankrupted Sears.
“Trying forward, administration laid out a considerate technique, in our opinion, to revive JCPenney,” Gordon Haskett analyst Chuck Grom mentioned in a word to shoppers. “Favorably, not like a few of Jill Soltau’s predecessors, she appears to wish to embrace the core JCPenney shopper for who that’s…