J.C. Penney reports large loss
August 21 , 2013
J.C. Penney is still recovering from a bad merchandised strategy and the company reported a loss of $2.66 per share. The loss last year amounted to 67 cent a share.
According to Penney, "lengthy renovation and disappointing re-merchandising of its home departments" is adversely affecting the sales.
The interim CEO mentioned that there is no way to fix the mistakes of the past but the company is moving forward and attempting to regain the loyalty of its customers.
Penney still hasn't replaced the former CEO, Bill Ackman, who ended up resigning. The interim CEO, Mike Ullman has been quite frank in his statements and has said "it is no secret that the company's merchandising strategy wasn't working".
According to the company, the initial days of the back to school period were encouraging.