Web sales start to stabilize for J.C. Penney in Q2 (InternetRetailer.com)
J.C. Penney Company, Inc. (NYSE:JCP), amid a reorganization following several quarters of plunging sales, made strides in stabilizing its online sales during the second quarter. The retail chain this week reported that JCP.com generated $215 million in sales during the quarter, down just 2.3% from a year ago, when web sales tallied $220 million. During the second quarter of 2011, before the department store chain changed its retail strategy to focus on bricks-and-mortar stores, JCP.com generated $326 million in sales. “The initial results for JCP.com have been very positive though not yet where we want them to be,” CEO Myron E. Ullman said during an earnings call. “We saw sequential improvement in every division online.
The Deal: Sears Has Time On Its Side (TheStreet.com)
In a twist of fate over the past year or two, department store operator Sears Holdings Corporation (NASDAQ:SHLD) may have more time to turn itself around than troubled rival J.C. Penney Company, Inc. (NYSE:JCP). That might not have been what industry watchers would have predicted when Apple’s retail head Ron Johnson sauntered into the Plano, Texas-based retailer in late 2011, bringing a Sillicon Valley approach to shake up the dowdy department store chain. That swashbuckling, and an inattentiveness to J.C. Penney’s core customers, cost Johnson his job in short order.
J.C. Penney Will Use A Poison Pill To Guard Against Another Bill Ackman (Forbes)
J.C. Penney Company, Inc. (NYSE:JCP), girding for a potential hostile-takeover battle, has reached for an age-old siege defense: a poison pill. The company’s board has approved a year-long shareholder’s rights plan that, like all poison pills, will dilute the raider’s stake by allowing other shareholders to buy more stock at a bargain-bin price. Wary of stoking anxiety further after reporting its sixth straight miserable quarter, J.C. Penney made it a point to say the new poison pill wasn’t in response to any known threat.
Hedge fund wars heat up (CNBC)
J.C. Penney Company, Inc. (NYSE:JCP) stock decreases significantly (FinancialsTrend)
J.C. Penney Company, Inc. (NYSE:JCP) had on Thursday moved on to report a closing price for the day at $13.20 per share and had thereby presented a loss of 0.98% over the previous closure. The stock had further been presenting price movements during the day to vary from low of $13.03 per share to high of $13.45 per share, while the stock presently has its low price for the year at $12.34 and peak price at $32.55 per share. There are 220.40 million shares of the company being traded out in the markets in total and the institutional holdings contribute around 101% of the total capital.