JCPenney Beats Expectations
"JCPenney far exceeded its expectations and objectives for the year," Myron E. (Mike) Ullman, III, its CEO, in a statement. "By stepping up the style of the merchandise we offer customers and enhancing service in our stores, we were able to drive cash generation and profitability, in spite of the difficult economic climate." Women's clothing and shoes were among its best-performing departments.
In the year ahead, the Plano, Tex.-based retailer says it plans to "leverage our position as a destination for affordable style" into same-store sales growth in the "flat to slightly positive," range, with growth in the low single digits for the full year.