August 17, 2007 |
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.
May 18, 2007 |
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.
February 23, 2007 |
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.
December 30, 2006 |
Department store operator J.C. Penney Co. will pay a fired executive about $10 million in severance even though she worked at the company for only a few months. A Penney spokeswoman said Friday that the severance for Catherine G. West, who was hired as chief operating officer last summer, was outlined in her employment contract. Penney announced Thursday that it was terminating West immediately.
December 29, 2006 |
Department store operator J.C. Penney Co. said Thursday that it fired its chief operating officer but gave no reason for the move. Catherine West, 47, who also held the title of executive vice president, had been COO since July. She had no retail experience. A two-sentence news release from Penney gave no explanation for West's firing, and the company declined to make Chairman and Chief Executive Myron E. Ullman III available for comment.
November 10, 2006 |
J.C. Penney Co. and Kohl's Corp. on Thursday reported third-quarter profit gains and raised earnings forecasts. Net income at J.C. Penney, the third-largest U.S. department store company, climbed 23% to $287 million, or $1.26 a share. Discount department store chain Kohl's said profit rose 45% to $224.5 million, or 68 cents. Both companies are luring customers to stores with exclusive brands of clothing, such as J.C.
August 11, 2006 |
Retail stocks were lifted Thursday by strong profit reports from Target Corp. and J.C. Penney Co., but Anaheim-based Pacific Sunwear of California Inc. disappointed investors after the bell by slashing earnings expectations for the third quarter. Pacific Sunwear reported that second-quarter net income fell 54% to $9.7 million, or 14 cents a share, compared with $21.1 million, or 28 cents, in 2005. Analysts, warned this month that profit was likely to be lower, had expected 15 cents a share.
May 12, 2006 |
J.C. Penney Co. posted a better-than-expected 22% rise in fiscal first-quarter earnings Thursday, crediting strong sales of fine jewelry and shoes and a private-label business that helped drive profit margins higher. The Plano, Texas-based retailer raised its full-year earnings outlook by 2 cents a share, but the forecast still fell short of Wall Street targets. Shares of Penney fell 93 cents, or 1.4%, to $65.98. They have risen 19% year to date.
April 12, 2006 |
In a bid to lure young female customers, J.C. Penney Co. said it would open Sephora stores within its department stores starting this fall, under an agreement with the high-end cosmetics retailer. Sephora will open "store-within-stores" and be the exclusive seller of beauty products at J.C. Penney, which has been trying to erase its image as a dowdy middle-market department store operator with younger, more modern merchandise and marketing.
March 2, 2006 |
J.C. Penney Co. said it would move into the Westfield MainPlace shopping center in Santa Ana next year, taking over a site currently occupied by Robinsons-May. The move is part of a shake-up occurring in Southland malls as a result of Federated Department Stores Inc.'s purchase of May Department Stores Co. Federated is closing stores in many malls to reduce duplication. Plano, Texas-based J.C. Penney said it would renovate the building's interior before opening the store next spring.