JCPenney posts big Q3 sales decline

CNBC:

J.C. Penney, which is in the early stages of a multiyear turnaround, reported a 26 percent decline in third-quarter sales at stores open at least a year, a steeper drop than the 17.9 percent that Wall Street analysts were expecting.

Ron Johnson, Apple’s former head of retail, took the reins of the struggling department store chain last year.

This never would have happened under Steve Jobs’ watch. Wait, what?



  • http://digitizedsociety.tumblr.com/ DigitizedSociety

    I hear Apple is looking to find a Retail Chief. Maybe Johnson would like to toss his hat into the ring.

  • http://twitter.com/PDelahanty Patrick Delahanty

    I walked into a JCPenney recently. It still looked like a typical department store that I remember from the 80s.

  • http://twitter.com/shycophante Shyco Phante

    It was always going to be a hell of a challenge trying to turnaround a struggling retail chain during a time when more and more consumers are shunning traditional shopping outlets, while also in the midst of harsh economic conditions and fragile consumer confidence.

    • MacsenMcBain

      Quite so. Back when JCP was in its heyday, there were no Walmarts, Targets, S-Marts (ok, not really), Costcos, etc. as alternatives. Nor was there online competition. Johnson was very brave to take on the challenge, and it shouldn’t reflect badly on him if he doesn’t succeed. JCP might be beyond anyone’s ability to save.

  • Slurpy2k11

    Wait, it means no matter how good your retail skills are, you ALSO need to have a good product to sell? I’m shocked.

    I could tell this was doomed from the start. The success of Apple Stores isn’t transferrable to a random clothing outlet.