Is There Ray Of Hope For J.C. Penney Company, Inc (NYSE:JCP)?
Myron Ullman, J.C. Penney Company, Inc (NYSE:JCP)’s Chief Executive Officer is bringing in a Jan Hodges, a 25-year veteran to the helm of the company’s department-goods section. The company has been struggling to revive sales and hope that Hodges experience and ideas will bring a breath of fresh air into the workings of that department.
Effective 1 November, she will be the new senior vice-president and general-merchandise manager for the home-goods department. Hodges is a senior marketing-executive who will start working on improving the flagging sales figures. The department brought in revenue of only 12% in the last financial year in comparison with the 21% in 2006.
Prior to Hodges, Paul Rutenis held this post and left the company only 14 months after he took up this job. J.C. Penney Company, Inc (NYSE:JCP) is trying every trick in the book to revive its flagging sales and has spent millions of dollars on renovating the company’s home-goods sections at 500 of the 1,100 stores it owns. As part of this overhaul, brands such as Martha Stewart, Michael Graves and Jonathan Adler have also been anchored at the stores.
The August sales reports were very disappointing and J.C. Penney Company, Inc (NYSE:JCP) started bringing in other low-priced merchandise and also started stocking products and goods by product category instead of following the brand-stocking strategy. Hodges has been with the company since 1988 and prior to this position she has been head of the women’s intimates and accessories department and has held other merchandising jobs as well.
Thursday’s trading session
In Thursday’s trading, J.C. Penney Company, Inc (NYSE:JCP) dropped by 3.56%. The shares opened at a price of $8.69, climbed to an intraday high of $8.78 and dipped to a close of $8.41.