advertisement
advertisement

J.C. Penney: Not yet profitable, but losing less money

The company posted a smaller loss in its second quarter fiscal year. The net loss is now $56 million, down from $117 million last year, according to Bloomberg. Same-store sales rose by 2.2%, which means that company is likely gaining market share.

You might remember how the company brought in a new CEO from Apple, Ron Johnson’s, to transform the store into an exciting shopping destination. His efforts backfired and were roundly described as a disaster

He’s been replaced by Marvin Ellison, who has been working hard to turn the company around, focusing on nuts and bolts like ensuring the inventory is in stock and communicating with customer-facing employees. To ensure this growth continues, Ellison says the company will have more appliance sales, remodel stores and have more in-store Sephora locations. 

Meanwhile, Macy’s, a major competitor, announced that it is closing 100 stores (14% of the total) in its own effort to turn things around. ES