299
Fashion Jobs
L'OREAL GROUP
Assistant CRM Manager
Permanent · HONG KONG
L'OREAL GROUP
Key Account Manager
Permanent · HONG KONG
H&M
Total Rewards Manager, Supply Chain
Permanent · TSIM SHA TSUI
H&M
Accounts Specialist
Permanent · TSIM SHA TSUI
ESTÉE LAUDER COMPANIES
Assistant Demand Planning Manager
Permanent · HONG KONG
ESTÉE LAUDER - BRAND
Retail Marketing Manager, Estée Lauder
Permanent · HONG KONG
CLINIQUE
Assistant Education Manager, Clinique
Permanent · HONG KONG
CLINIQUE
Senior Marketing Manager, Clinique
Permanent · HONG KONG
TOMMY HILFIGER
Senior Manager, Creative Services, Tommy Hilfiger Asia Pacific
Permanent · HONG KONG
AESOP
Retail Consultant
Permanent · SHA TIN
NEWELL
Senior Manager, Indirect Sourcing
Permanent · HONG KONG
L'OREAL GROUP
Group Product Manager
Permanent · HONG KONG
ADIDAS
Senior Manager, Materials Availability Management
Permanent · HONG KONG
L'OREAL GROUP
Assistant Purchasing Manager (Marketing, Digital IT)
Permanent · HONG KONG
PUMA
Manager Innovation Technical Apparel
Permanent · HONG KONG
DR. MARTENS
Head of Financial Accounting, Apac
Permanent · TSIM SHA TSUI
TJX COMPANIES
Director of Sourcing, Apparel -Hong Kong
Permanent · HONG KONG
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Hysan Place
Permanent · CAUSEWAY BAY
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Yoho Mall
Permanent · HONG KONG
A & F
Abercrombie & Fitch - Brand Representative (Part-Time / Full-Time), Harbour City
Permanent · TSIM SHA TSUI
KERING EYEWEAR
Kering Eyewear Assistant Trade Marketing Manager Travel Retail
Permanent · HONG KONG
JAEGER
Training Manager
Permanent · HONG KONG
By
Reuters
Published
Nov 18, 2019
Reading time
2 minutes
Download
Download the article
Print
Text size

J.C. Penney posts smaller loss under CEO Soltau, shares rise

By
Reuters
Published
Nov 18, 2019

J.C. Penney Co Inc on Friday reported a smaller-than-expected quarterly loss as it sold more diamond jewelry and denim clothing, results Chief Executive Jill Soltau said showed efforts to revive sales and profits at the department store are taking hold.


J.C. Penney


Shares of the Plano, Texas-based company were up nearly 7.3% at $1.18.
The 117-year-old retailer, one of the worst-hit by the surge in online shopping in the past decade, has worked hard to attract more shoppers.

In August, it partnered with resale clothing company ThredUP, adding second-hand women’s clothing and handbags to its merchandising mix.

It is also testing a new store format to win over customers with everything from a yoga studio, a videogame lounge and lifestyle workshops.

Such efforts are a part of Soltau’s turnaround strategy, aimed at reassuring investors it can lure shoppers back into stores amid fierce competition from online giants like Amazon.com Inc and discount retailers like TJX Cos Inc’s Marshalls and T.J. Maxx chains.

“We are beginning to see results – both in our numbers and how we operate as a business,” Soltau said in a statement on Friday.

Rivals, including Macy’s and Nordstrom Inc, are also looking to woo shoppers with cafes, donut shops, fine-dining restaurants and full bars with Instagrammable views.

Soltau, hired late last year from craft and fabrics seller Jo-Ann Stores, is attempting to restore Penney’s roots as a retailer of mid-priced apparel for middle-class families after years of falling sales and strained cash flow.

Earlier this year, Soltau chose to stop selling major appliances and limit furniture offerings and has worked to reduce inventory, lower ad spend and close underperforming outlets.

“We are re-establishing and rebuilding J.C. Penney to be around for the next 117 years,” Soltau said.

Chief Financial Officer Bill Wafford on an earnings call highlighted the success of Penney’s higher-margin fine jewelry category, footwear, and men’s and women’s apparel, with denim including Levi’s selling well.

Even so, analysts said there’s still a lot of work to be done to repair the brand.
“The company still needs to show a path of sustained profitability, comparable store sales momentum and gross margin improvement to gain investor confidence,” said CFRA analyst Camilla Yanushevsky.

As recently as Sept. 2016, Penney’s stock was trading around $10 a share, but hit a record low of 53 cents this year.

Excluding one-time items, Penney reported a loss of 30 cents per share, narrower than the average analyst estimate of a 55-cent loss. Total revenue fell 8.5% to $2.5 billion.

The company said it expects adjusted earnings before interest, tax, depreciation and amortization for the year to exceed $475 million, above its prior outlook of $440 million to $475 million.

It maintained its full-year forecast for comparable store sales.

Sales at stores open for more than a year fell 9.3%, compared with expectations of a 7.74% slide, according to data from IBES Refinitiv.

© Thomson Reuters 2024 All rights reserved.