JC Penney reported a loss of $348 million for its first quarter, compared to $163 million comp last year amid a 16% decline in revenue. The retailer is struggeling to recover from the business plans former CEO Ron Johnson had put in place.
JCP’s new CEO Mike Ullman said that reconnecting with customer will take time and that they “recognized the magnitude of the challenges that we face, and we belive we can put JC Penney back on a pathway to profitable growth”. One of the strategies to put them back on track is to emphasize thier private brands.
Source: Marianne Wilson, Retailingtoday.com
Related posts
Accelerated Analytics Sponsoring Beauty Design Awards
17 Aug, 2023 • Helen Thomas
Accelerated Analytics is very pleased to be sponsoring the Beauty Design Awards. The Beauty Design Awards celebrates the best of design in the Beauty Industry. 2023 is the fourth year of running the award. The award is founded and lead by beauty industry market research specialist Jennifer Carlsson. Accelerated Analytics’ customers Bubble and Youthforia were... Read more »
How Does Severe Weather Impact Your Numbers?
01 Nov, 2022 • Accelerated Analytics
Accelerated Analytics always has our eye on the ball – through rain, snow, and especially major regional storm events. Seasonal weather is one thing, but when you run against storm events that cover the map, you’re bound to see major disruption to civilian and business life. From road closures to power and internet outages before,... Read more »
Beauty Pulling Its Weight With Retail Spending & Recovery
17 Aug, 2022 • Accelerated Analytics
Seeking out affordable “splurges”, consumers turn to the “lipstick index” for their shopping therapy. Foregoing the urge for a new TV or other big-ticket purchase, consumers are instead opting for smaller, prestige items and, without a second thought, are ultimately carrying the weight of the retail industry’s return to normal – with much of the... Read more »