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News Breaks
February 27, 2013
18:37 EDTJCPJ.C. Penney CEO: We exit the year positioned to succeed in 2013
On J.C. Penney's (JCP) Q4 earnings conference call, CEO Ron Johnson said, "We began this year clean and ready to chase the items that are selling. It is incredibly comforting to me to be relieved of the massive inventory overhang with which we began last year. Based on these accomplishments, we exit the year positioned to succeed in 2013, and this is the year the new JCP will take form." Johnson admitted to making "big mistakes," but noted that the company has brought back coupons for rewards members and will offer sales each and every week moving forward. Despite flat year-over-year traffic on Presidents day, management said it was happy with holiday store traffic. However, they indicated that no sales guidance would be provided. They noted that merchandise inventory was down 20% or $575M from last year, expenses were reduced by $671M, and they were on track to achieve over $900M in savings. They expect the company's ability to return to growth will be much greater when the transformation of Joe Fresh and Home is completed.
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