Tuesday, April 1, 2008

J.C. Penny Cuts Economic Outlook

Some unsurprising news today, apparently J.C. Penny (NYSE:JCP) CEO Mike Ullman is predicting a slowdown in the retail sector due to the recent economic downturn.

"J.C. Penney Co. Inc.'s slashing of its first-quarter profit projections by a third after a disappointing Easter could be a warning for the overall retail sector that the proverbial wall is just ahead. While retailers have been dancing around the impact of the economic slowdown for the last few months, evidence is mounting that the second half might not be pretty." -WWD
It must be an easy job running a crappy department store chain (see futile attempt American Living) and blaming the store's inadequate measures to join us in the 21st century solely on macroeconomic events... I think your product buyers and brand strategists belong in the proverbial 'fail' dumpster directly up against that proverbial economic wall.
"Consumer confidence is at a multiyear low... J.C. Penney counts half of American families as its customers and they are feeling macroeconomic pressures from many areas, including higher energy costs, deteriorating employment trends and significant issues in the housing and credit markets." JC Penny's CEO Mike Ullman
Keep on trucking J.C. Penny, we are always amazed by your utter incompetence and and inability to run a successful, modern retail firm.


Cameron Newland said...

Ahaha this post is right on. The American Living line makes me want to pour sweet gasoline all over myself and self-immolate.

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Hi : )
Shopping on line or in-store? which usually do you prefer? actually wondering lol.. i favor in-store because i don't really like waiting it to arrive!

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