Now that J.C. Penney Co. Chief Executive Officer Mike Ullman has slowed the sales decline and amassed enough cash to fund two years of operations, he faces his biggest challenge since returning as CEO: a holiday season marked by price wars and penny-pinching consumers.
J.C. Penney Co.’s sales decline slowed in the second quarter, a sign Chief Executive Officer Mike Ullman is making progress in a turnaround effort as hedge- fund investors including J. Kyle Bass make bets the retailer will recover.
J.C. Penney Co.’s widening loss and falling sales last quarter show that Chief Executive Officer Mike Ullman is still plagued by his predecessor’s missteps as the retailer prepares for the crucial holiday shopping season.
Coach Inc., the largest U.S. luxury handbag maker, reported fiscal third-quarter profit that beat analysts’ estimates, helped by demand in North America, and said it may sell its Reed Krakoff brand. The shares jumped.
J.C. Penney Co. climbed the most in more than seven months after saying cost reductions from new Chief Executive Officer Ron Johnson’s turnaround plan may boost 2012 profit more than analysts estimated.
J.C. Penney Co. countered criticism from investor Bill Ackman last week by saying it’s focused on stabilizing the business and winning back customers. Results next week will show what little progress has been made.