Advertisement
YOU ARE HERE: LAT HomeCollectionsJ C Penney Co Inc
IN THE NEWS

J C Penney Co Inc

FEATURED ARTICLES
BUSINESS
October 24, 1991 | Chris Woodyard / Times staff writer
JC Penney is opening a store today in the Huntington Center that will cater to people who have trouble getting dressed. Easy Dressing Fashions, the first of its kind in the Penney chain, will offer fashionable clothes with Velcro fasteners easily used by people with arthritis and others with limited movement. The store was developed as a result of successful catalogue sales of the items first introduced in 1984.
ARTICLES BY DATE
BUSINESS
May 16, 2009 | Associated Press
J.C. Penney Co. said Friday that its first-quarter profit sank 79% because of a big pension expense, but it narrowly beat analysts' estimates as its expenses fell and demand remained strong for the Sephora cosmetics and American Living merchandise it sells. Looking ahead, the department store chain said it would miss Wall Street's full-year forecast because of soft consumer spending and weak mall traffic. J.C. Penney earned $25 million, or 11 cents a share, for the quarter that ended May 2.
Advertisement
CALIFORNIA | LOCAL
April 26, 1989
J. C. Penney Co. Inc. was fined $53,000 Tuesday in Whittier Municipal Court after pleading no contest to two misdemeanor counts of dumping hazardous waste into the Puente Hills Landfill. As part of a plea bargain with the district attorney's office, two misdemeanor charges against the company were dismissed, as were charges against Christopher Muzquiz, a building maintenance supervisor at a Penney facility in Santa Fe Springs. Prosecutors said flammable liquid in barrels was discarded during cleaning of the Santa Fe Springs facility and dumped at the landfill Aug. 3. The company has already paid the costs of cleaning up the illegal disposal, Deputy Dist.
BUSINESS
February 21, 2009 | Times Wire Reports
J.C. Penney Co. reported a 51% drop in fiscal fourth-quarter profit as customers sharply cut spending on clothing and other items. The results beat Wall Street expectations, but the chain projected a wider first-quarter loss than analysts had predicted. The retailer earned $211 million, or 95 cents a share, for the three months ended Jan. 31. That compares with $430 million, or $1.93, a year earlier. Sales declined almost 10% to $5.76 billion. Same-store sales, or sales at stores open at least a year, fell 10.8%.
BUSINESS
November 13, 1991 | From Associated Press
J. C. Penney Co., Limited Inc. and Nordstrom Inc. said Tuesday that their third-quarter earnings fell from depressed levels of a year earlier, while May Department Stores Co. said profit edged up 1%. The results provided further evidence of the consumer spending slump that has sliced the earnings of many stores. A predicted rebound in spending hasn't happened because consumers are weighed down by concerns about the economy and their jobs.
BUSINESS
January 22, 1999 | Bloomberg News
J.C. Penney Co., the second-largest department store operator, said John Cody, president and chief operating officer of the chain, will retire effective March 1. Cody, 60, a 36-year Penney employee, will be replaced by Michael Taxter, director of strategic development, and Marilee Cumming, president of women's apparel. Taxter, 47, will become senior vice president and director of the department stores, and Cumming, 51, will be president of merchandising for the stores and catalog.
BUSINESS
March 9, 2001 | From Bloomberg News
J.C. Penney Co. on Thursday agreed to sell its direct-marketing insurance unit to Dutch insurer Aegon for $1.3 billion in cash. The sale will enable the troubled company to focus on its retailing business, Chief Executive Allen Questrom said. Penney, the No. 2 U.S. department-store chain, has been trying to reverse a slump in earnings that has caused its shares to fall 78% since mid-1998. The insurance unit had revenue of $1.1 billion in 1999.
BUSINESS
May 3, 2000 | Associated Press
J.C. Penney Co. said it's considering selling or finding a partner for its direct-marketing services unit, sending the retailer's shares up $1.88, nearly 13%, to close at $16.56 on the Big Board. Plano, Texas-based Penney has hired the investment bank Credit Suisse First Boston to help it decide what to do with the division, which sells insurance and membership services. Analysts said the unit could be worth $1 billion to $1.5 billion.
CALIFORNIA | LOCAL
June 14, 1995 | ED BOND
Almost 17 months since the Northridge earthquake, and after $25 million in repairs, J. C. Penney has finished rebuilding its store at the Northridge Fashion Center shopping mall. Just in time for its customers, guessed store manager Howard Couch. "There's people who have been waiting so long they truly have had to endure a great deal," said Couch, who was overwhelmed when the store opened Sunday for charge customers only. Hundreds of people were waiting at the door for the 10 a.m.
BUSINESS
August 7, 1996 | From Bloomberg Business News
J.C. Penney Co., in one of its first moves to fight competition by expanding through acquisitions, said Tuesday that it will buy the 272-store Fay's Inc. drugstore chain in the Northeast for $285 million in stock. Penney, whose sales and earnings have been sagging for more than a year, has made no secret of its intention to improve results by seeking to buy other companies.
BUSINESS
August 16, 2008 | From Times Wire Services
J.C. Penney Co. reported a 36% drop in second-quarter profit and issued a downbeat outlook for the current quarter as shoppers cut back on clothing spending in a tough economy. The Plano, Texas-based department store chain said it earned $117 million, or 52 cents a share, compared with $182 million, or 81 cents, a year earlier. Sales fell 2.5% to $4.28 billion. Same-store sales, or sales at stores opened at least a year, fell 4.3%. Same-store sales are considered a key indicator of a retailer's health.
BUSINESS
May 16, 2008 | From Times Wire Services
J.C. Penney Co. reported that first-quarter profit was halved and predicted "difficult" conditions for the entire year as consumers pull back on spending. Net income fell to $120 million, or 54 cents a share, from $238 million, or $1.04, a year earlier, the suburban Dallas-based retailer said. Sales fell 5% to $4.13 billion from $4.35 billion. Per-share profit was better than the 50 cents expected by analysts surveyed by Thomson Financial. Shares rose $2.07 to $46.32. During the first quarter, total sales decreased 5.1%.
BUSINESS
February 22, 2008 | From the Associated Press
J.C. Penney Co. said Thursday that its fiscal fourth-quarter profit fell 10% as its middle-class customers struggled with a weakening economy, and the department store retailer predicted modest earnings this year. Chief Executive Myron E. Ullman III said there were no signs that consumer spending would rebound quickly, so the company was planning "for a difficult economic climate." For example, the company now expects to open 36 stores this year, down from the original plan of 50 openings.
BUSINESS
February 12, 2008 | From the Associated Press
The U.S. economy may be stumbling, but J.C. Penney Co. Chief Executive Myron "Mike" Ullman III believes its biggest brand launch ever -- an exclusive line with Polo Ralph Lauren Corp. -- couldn't happen at a better time. "We think given this competitive climate, we are very well positioned to take market share," Ullman said. The brand, American Living, is expected to be a billion-dollar business in the next few years, accounting for 5% of the department store chain's annual sales, Ullman said.
BUSINESS
November 16, 2007 | From Times Wire Services
J.C. Penney Co. said Thursday that its fiscal third-quarter profit fell 9%, hurt by weak sales in September and October, and the department store operator slashed its fourth-quarter outlook. Chairman and Chief Executive Myron E. "Mike" Ullman III said it was too early to gauge the strength of holiday traffic in stores, but he said the season would be marked by a lot of price cutting. He said the company would take a cautious approach in planning for next year.
BUSINESS
August 17, 2007 | From the Associated Press
Midprice department store powerhouses J.C. Penney Co. and Kohl's Corp. turned in solid profits Thursday that beat analysts' expectations, even as their middle-class consumers struggle with high gasoline prices and a weak housing market. Kohl's said earnings jumped 15.8%, and executives said the back-to-school season was off to a good start. Penney's profit edged up nearly 2%, but executives said sales of home furnishings were hurt by sluggish demand for new and existing homes.
BUSINESS
August 18, 1999 | From Bloomberg News
J.C. Penney Co. posted its first earnings increase in five quarters, and Home Depot Inc., Limited Inc. and other retailers continued healthy profit growth in their fiscal second quarters amid an expanding economy. Meanwhile, Saks Inc. said its profit from operations more than doubled to meet expectations for the quarter, but it warned that earnings for the year will miss estimates because sales aren't meeting expectations.
BUSINESS
November 14, 2001 | HEATHER LANDY, BLOOMBERG NEWS
Wal-Mart Stores Inc. and Home Depot Inc. lifted fiscal third-quarter profits, and J.C. Penney Co. rebounded from a loss, as the chains controlled costs and used low prices to attract shoppers in the slowing economy. Net income rose 8.2% at No. 1 retailer Wal-Mart and 20% at Home Depot, the largest home-improvement chain. At J.C. Penney, turnaround efforts helped generate a $31-million profit, compared with a $30-million loss in the year-ago quarter.
BUSINESS
May 18, 2007 | From Bloomberg News
Department store chains J.C. Penney Co., Kohl's Corp. and Nordstrom Inc. reported first-quarter profits Thursday that exceeded analysts' estimates and raised their full-year earnings forecasts. J.C. Penney's net income rose 13% from a year earlier to $238 million, or $1.04 a share. Kohl's profit climbed 25% to $209 million, or 64 cents a share. Earnings at Nordstrom increased 19% to $156.8 million, or 60 cents a share. J.C.
BUSINESS
February 23, 2007 | From the Associated Press
Department store operator J.C. Penney Co. said Thursday that its fiscal fourth-quarter profit fell 13% partly because of higher taxes, and it predicted a weaker first quarter than analysts expected. "We're seeing February being soft," Chief Executive Myron E. Ullman III said. But he said sales would rebound with new spring fashions. Penney shares fell $2.96, or 3.4%, to $83.39. Net income for the three months that ended Feb. 3 fell to $477 million, or $2.09 a share, from $551 million, or $2.
Los Angeles Times Articles
|