Suzanne Jc Penney, J C Penney, Suzanne Cap Ner discussed on WSJ What's News
Reporter Suzanne cap ner, Suzanne JC Penney says net sales fell ten percent in the quarter ending for Borys. Second. The company has also been undergoing management changes are the latest losses showing a further downward trend for the retailer. Yes, definitely it was a marked decline in the latest period and it also stands out because other retailers have done reasonably well during the holiday season, WalMart TJ Maxx, parent best buy, you know, there are numerous numerous retailers that did have a good holiday shopping season. So for penny to report these levels of declines is quite notable. Besides closing certain locations, how JC Penney working to change its business model to. Keep up with consumers who are shifting their shopping habits. Well, in some ways, it's like JC Penney. Redux they're really just trying to get back to some basic retailing principles like stocking the right merchandise being able to cleared out in a timely fashion pricing correctly. The CEO said, you know, she just really needs to get back to the, you know, the basic tenants of retailing. That's how far behind they. Are they need to really do that before they can start innovating? Although she did say she's trying to work on parallel tracks because they really, you know, they don't have all that much time to get things turned around part of the changes that JC Penney had undergone was shutting its private label brands that was under former apple executive Ron Johnson. Who's since left JC Penney. How they've been doing since then in terms of getting back to the core of what the businesses. Well, subsequent leaders did bring back those brands and they also brought back the promotions, you know, the discounts that penny customers go there for. And but you know, the damage was done. And once you lose a billion dollars in sales. It's very hard to get it back today. It's so competitive out there. So even though they sort of reinstated. Some of those things they're still suffering from from that mistake, and what does JC Penney dealing with in terms of debt? They've got about four billion in debt. You know, it does seem like they have sufficiently quitted for the time being. But you know, as they said, you can't cut your way to prosperity. They've got to figure out how to grow sales if they're going to survive, Suzanne, we've seen a lot of traditional retailers fall on hard times, not just in recent months, but over the past several years, including one of JC Penney's rivals here. Sears shoppers must be wondering if the writings also on the wall for JC Penney. You know, it's certainly a fair question. And it's a little too soon to know the answer. But you know, the clock is ticking for them and this new CEO really needs to figure out how to get people back in the store. She needs to be able to define what J C Penney stands for today because it's really lost a little. Bit of its identity, and you know, give people a reason to go there versus all the other choices. They have out there today. That's Wall Street Journal. Reporter Suzanne cap ner. Joining us in our studio with the latest news from JC Penney. Suzanne thank you so much. Thanks for having me. And that's what's news. I'm Anne Marie for totally in New York for the Wall Street Journal.