Transforming a retail chain’s image may be harder than thought, as J.C. Penney is finding out.
The Texas-based company reported a staggering loss of $55 million, or 25 cents a share, in the first quarter of this year. Same-store sales fell 18.9 percent.
That’s a big loss for a company that invested big money in a new store redesign, a new CEO and a huge ad campaign featuring Ellen DeGeneres.
But the company is not giving up yet – saying their transformation is “ahead of schedule.”
My wife stopped going to Penny’s when they stopped issuing discount coupons. When all the other stores are still having sales, JC Penny’s wants us to believe there prices are really lower?
Maybe, but the preseption is terrible.
This CEO needs his head examined.
Have you seen the Sunday Newspaper Ads for Penny’s? Yikes,,,,,, they are terrible….. sometimes you don’t fix what isn’t broke.
I tend to agree on the coupons – as long as they’re usable (some places always have a ton of exclusions!)
There’s something nice about seeing your bill shrink down with a coupon.
But most the stuff at Penney’s is pretty reasonable priced – though I have seen a couple cases when prices went up!
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