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Offline Cincinnatus

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« on: February 27, 2013, 05:37:17 PM »
Oh, this is not good.

J.C. Penney's fourth-quarter earnings announcement is out.

The company announced an adjusted loss per share of $1.95, way below the per-share loss of $0.24 predicted by analysts.
 
Sales came in at $3.88 billion. Analysts were looking for $4.08 billion.
 
Same-store sales were down 32 percent in the fourth quarter.
 
Shares are down 8 percent in after-hours trading.

http://www.businessinsider.com/jc-penney-q4-2012-earnings-2013-2
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Offline collins

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« Reply #1 on: February 27, 2013, 05:47:26 PM »
Didn't they go all gay a little while back? Not sure if that's the biggest reason for this company's sucky figures and then there's Obama's absymal economy. His.

Offline Cincinnatus

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« Reply #2 on: February 27, 2013, 06:08:38 PM »
Didn't they go all gay a little while back?

I don't know if "all" is the correct word but they did hire Ellen DeGeneres as their spokeswoman and I seriously doubt that was a great idea given its target market.

I don't think its problems result just from just that but I also think it didn't help. I know it made me less than eager to shop at Penneys but I'm a guy and don't do all that much "shopping" anyway.
We shall never be abandoned by Heaven while we act worthy of its aid ~~ Samuel Adams

Offline Rapunzel

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« Reply #3 on: February 27, 2013, 07:09:41 PM »
JC's problem is the new CEO did not understand what kept JCP what it was, he took away the daily/weekly sales that drove people into the store and then they changed the merchandise to a younger demographic -- problem is there has been tons of stores catering to the younger demographic and those are the stores closing across America in DROVES.......  the best thing they can do to salvage the mess this man has created in the last 18 months is fire him and return to the formula that worked.... otherwise it will be bankrupt in no time flat.  In the same time Macy's has actually increased it's market share because the CEO of Macy's understands his clientele.

Offline Atomic Cow

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« Reply #4 on: February 27, 2013, 07:18:55 PM »
The JCPenney here is old and dirty.  It hasn't been updated in 15+ years. On the rare times I go to the mall, I usually enter though it because there is always parking close to the doors.

The selection is hideous, especially for men.  Most of the non-dress clothes look like crap gang bangers would wear.  I think the last thing I purchased there was over 2 years ago and it was a pillow they had on sale for 75% off.
"...And these atomic bombs which science burst upon the world that night were strange, even to the men who used them."  H. G. Wells, The World Set Free, 1914

"The one pervading evil of democracy is the tyranny of the majority, or rather of that party, not always the majority, that succeeds, by force or fraud, in carrying elections." -Lord Acton

Offline Rapunzel

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« Reply #5 on: February 27, 2013, 07:31:24 PM »
The JCPenney here is old and dirty.  It hasn't been updated in 15+ years. On the rare times I go to the mall, I usually enter though it because there is always parking close to the doors.

The selection is hideous, especially for men.  Most of the non-dress clothes look like crap gang bangers would wear.  I think the last thing I purchased there was over 2 years ago and it was a pillow they had on sale for 75% off.

I'm starting to think you need to move, AC... our WalMart is new, so is our Penny's store, but even our old Penny's was nice, just too small compared to the new store...

Offline Bigun

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« Reply #6 on: February 27, 2013, 07:38:31 PM »
I have a very good friend who is a long time employee of J.C. Penny and, believe me, the rank and file are NOT AT ALL  happy with what is going on there presently!

Offline truth_seeker

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« Reply #7 on: February 27, 2013, 07:41:51 PM »
I'm starting to think you need to move, AC... our WalMart is new, so is our Penny's store, but even our old Penny's was nice, just too small compared to the new store...
Location, location, location.
"God must love the common man, he made so many of them.�  Abe Lincoln

Offline Atomic Cow

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« Reply #8 on: February 27, 2013, 08:13:16 PM »
I'm starting to think you need to move, AC... our WalMart is new, so is our Penny's store, but even our old Penny's was nice, just too small compared to the new store...

It's just the nature of this town.  The Wal-Mart closest to me caters to the ghetto for lack of a better term.  The other one is very nice but on the opposite side of town.  The stores in the mall are either run down or cater to the 50,000+ college students that live here for 9 months a year.  The mall is dying, as many are across the country.
"...And these atomic bombs which science burst upon the world that night were strange, even to the men who used them."  H. G. Wells, The World Set Free, 1914

"The one pervading evil of democracy is the tyranny of the majority, or rather of that party, not always the majority, that succeeds, by force or fraud, in carrying elections." -Lord Acton

Offline jmyrlefuller

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« Reply #9 on: February 27, 2013, 09:19:49 PM »
JC's problem is the new CEO did not understand what kept JCP what it was, he took away the daily/weekly sales that drove people into the store and then they changed the merchandise to a younger demographic -- problem is there has been tons of stores catering to the younger demographic and those are the stores closing across America in DROVES.......  the best thing they can do to salvage the mess this man has created in the last 18 months is fire him and return to the formula that worked.... otherwise it will be bankrupt in no time flat.  In the same time Macy's has actually increased it's market share because the CEO of Macy's understands his clientele.
Ah, yes, the convenional wisdom that young is king. It amazes me that businesses are so eager to target the poorest, most indebted, and rapidly declining demographic in America, especially in advertising. Yes, I'm in that demo, but believe me, I am in no way representative of it!

Offline Oceander

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« Reply #10 on: February 27, 2013, 11:14:41 PM »
Ah, yes, the convenional wisdom that young is king. It amazes me that businesses are so eager to target the poorest, most indebted, and rapidly declining demographic in America, especially in advertising. Yes, I'm in that demo, but believe me, I am in no way representative of it!

My sense of that demographic is that in flush times they are quick to spend, fast and freely - after all they're single and free - but in lean times they spend little or none at all because they tend to be the quickest to be let go and - thanks to their free-spending ways - have little in the way of savings to tide them over the lean times.

So, not only did JCP commit the cardinal sins of (a) rudely dumping your bread-and-butter customers and (b) trying to belatedly jump into an already over-crowded market, they also did so right at the point where their newly-targeted demographic had pulled its spending-horns in.

I.e., dumb, dumb, and dumb.

Offline Relic

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« Reply #11 on: February 28, 2013, 10:22:52 AM »
JC's problem is the new CEO did not understand what kept JCP what it was, he took away the daily/weekly sales that drove people into the store and then they changed the merchandise to a younger demographic -- problem is there has been tons of stores catering to the younger demographic and those are the stores closing across America in DROVES.......  the best thing they can do to salvage the mess this man has created in the last 18 months is fire him and return to the formula that worked.... otherwise it will be bankrupt in no time flat.  In the same time Macy's has actually increased it's market share because the CEO of Macy's understands his clientele.

I think the "going gay" thing hurt a little, but isn't the whole reason. JCP just appears to be a retailer in a death spiral. They're closing locations, so to me, they become irrelevant. There's only one JCP location with in reasonable distance from me, (it used to be 3). In my mind, the place JCP used to occupy is 2nd level behind Macy's. In order to maintain that position, they have to offer quality merchandise at aggressive prices, with sales! Yes, I'm not a big shopper, but sales motivate me. In my mind, Macy's = service and quality items. JCP = not as much service and quality items. Target = service? what's that? decent items for great prices. Walmart = no service, cheap stuff for cheap prices.

Offline Rapunzel

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« Reply #12 on: February 28, 2013, 12:20:41 PM »

I would LOVE to have a local Target store, but WalMart made certain that didn't happen here... the closest Target is in Bullhead City and at almost $4 a gallon I'm not driving over there. I like our local K-Mart, but word is all the K-marts are about to close...  I love my Dillards store... JMF said he bought all those cheap jeans at WalMart and they fell apart. I buy the Not My Daughters Jeans at Dillards -- $100 a pair but they last and last and last and fit great... sometimes it pays to pay more not less....   BTW everyone always says our Dillards is not that busy - but the truth is their cosmetics department outsells all other Dillards stores - even with our small population...  and the store as a whole is great on service in every department.  When Greta did her interview last year with the CEO of Macy's he actually bragged he was picking up customers who had formerly shopped JCP...


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