April 12, 2001 |
J.C. Penney Co. reported that it paid new Chief Executive Allen Questrom $16.5 million of cash and stock last year, plus options potentially worth $89.6 million if he can revive the company's stock to 10% annual growth. Penney hired Questrom last July to turn around the No. 2 U.S. department store chain's stagnant sales and falling profit. Penney shares also have declined the last three calendar years, though they've rebounded about 51% so far this year.
February 23, 2001
Other earnings, excluding one-time gains or charges unless noted, include: * J.C. Penney Co. reported a fourth-quarter loss of $2 million, or 3 cents a share compared with a year-earlier operating profit of $126 million, or 45 cents, as sales declined 0.8% to $9.75 billion. Analysts had expected a deeper loss of 5 cents.
February 15, 2001
* Walt Disney Co. said it has signed a clothing licensing deal with J.C. Penney Co., one week after announcing a similar deal with Kmart Corp. Terms of the agreement weren't disclosed. Penney will develop and produce two new lines of Disney children's apparel, which will debut in the fall. * Guide to Our Staff: Need to reach Business section reporters or editors? A guide to the section's staff can be found at: http://www.latimes.com/bizstaff.
January 24, 2001 |
J.C. Penney Co. said it plans to shut as many as 50 department stores nationwide to cut costs as new Chairman Allen Questrom tries to revive the ailing chain and recover from the industry's worst holiday season in at least five years. In California, closures will include Penney's department stores in Susanville and Eureka as well as a catalog outlet store in the west San Fernando Valley's Fallbrook Mall.
January 4, 2001 |
Four top executives of J.C. Penney Co. retired over the weekend and two longtime managers at the troubled retailer were promoted to chief financial and information positions, the company said. Robert B. Cavanaugh, 49, was named chief financial officer, replacing Donald A. McKay, 55, who retired effective Sunday, the company said. Cavanaugh had been chief financial officer of Penney's Eckerd drugstore chain. Stephen F. Raish, 50, was named chief information officer.
December 20, 2000 |
U.S. retailers' same-store sales fell 0.6% last week, the third straight week-to-week decline, raising concern that stores will miss sales forecasts this holiday season, according to data released Tuesday. Bank of Tokyo economist Michael Niemira cut his estimate for November-December same-store sales to a gain of 2% to 4%, from a 4% rise. Winter storms in the Midwest and South-Central U.S. damped demand, he said. Shopper traffic at malls fell 9.6% in the seven days ended Dec.