Tag Archives: Myron Ullman III

Ullman: J.C. Penney “Well On Our Way” to Turnaround

Johnson Out, Ullman Back as J.C. Penney CEO

PLANO, Texas-As CEO Myron Ullman III declared the company closer to its turnaround goals, J.C. Penney posted fourth-quarter net income of $35 million, compared to a net loss in last year’s fourth quarter of $552 million. For the fiscal year ending on Feb. 1, J.C. Penney reported a net loss of $1.4 billion, compared toMore »

Record to Succeed Hannah as J.C. Penney CFO

JCPenney_2014_Classic

PLANO, Texas-Edward Record has been named executive vice president and chief financial officer of J.C. Penney. Record will succeed Ken Hannah on March 24. Hannah will stay on as the retailer’s financial chief “to ensure a smooth transition,” according to a J.C. Penney statement. The statement did not comment on Hannah’s future plans. Record willMore »

J.C. Penney Q4 Comps Up; First Quarter Gain in Nearly Three Years

JCPenney_2014_Classic

PLANO, Texas-For the first time since the second quarter of 2011, J.C. Penney posted a quarterly same-store sales gain, with same-store sales up 2.1 percent for its fiscal fourth quarter. The department-store retailer added that same-store sales for the combined November-December period rose 3.1 percent over the same period from the previous year. J.C. PenneyMore »

J.C. Penney Amends and Extends “Poison Pill” Plan

JCPenney_2014_Classic

PLANO, Texas-J.C. Penney’s board has changed the stockholder rights plan adopted last August—commonly called a “poison pill” plan—by extending its expiration date from Aug. 20, 2014, to Jan. 26, 2017, and lowering the threshold for a person or group to acquire the company from 10 percent. Under the terms of the amended plan, if anyMore »

J.C. Penney Same-Store Sales Jump 10.1 Percent in November

J.C. Penney

PLANO, Texas-J.C. Penney logged a gain of 10.1 percent in its November same-store sales, according to a preliminary update from the retailer issued yesterday. The month, of course, included the all-important Thanksgiving weekend. The J.C. Penney statement added that its e-commerce sales through jcp.com ran ahead of last year and have continued their recent strength.More »

J.C. Penney Continues Home-Department Transformation

Myron Ullman III

PLANO, Texas-Continuing its battle to return to profitability, J.C. Penney is proceeding with its retransformation of its home department from the shop-oriented format established by former CEO Ron Johnson to one organized by category and classification. In a conference call to financial analysts yesterday, CEO Myron Ullman III, who succeeded Johnson in April said thisMore »

J.C. Penney Q2 Loss Expands as Sales and Margins Weaken

J.C. Penney Slims 3Q Loss, But Sales Fall 26.6 Percent

PLANO, Texas-Even though the company presented it as a quarter of progress, J.C. Penney’s third-quarter net loss widened from $123 million last year to $489 million this year. The loss grew as a result of declines in sales and in margins. Net sales for the quarter, which ended on Nov. 2, were down 5.1 percentMore »

J.C. Penney, MSLO Revise Agreement; Macy’s to Await Court’s Ruling

Martha Stewart

NEW YORK—J.C. Penney and Martha Stewart Living Omnimedia (MSLO) announced that they have cut a new agreement to reduce the number of product categories in J.C. Penney’s MarthaHome collection. Meanwhile, Macy’s said it will wait for rulings on its lawsuits against MSLO and J.C. Penney from New York State Supreme Court Judge Jeffrey Oing. Macy’sMore »