J.C. Penney Company, Inc.(NYSE:JCP) is hoping to build a future by looking back. After continuous fall in sales over the last couple of years, the department store chain is reducing some high-profile brands brought in by previous CEO Ron Johnson. This includes the likes of jcp menswear as well as some Martha Stewart-designed home furnishings.
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CEO Mike Ullman opined that the firm needs to edit some things which did not resonate adequately.
Penney is looking to free-up prime floor space for private-label brands that are more-profitable.
The retailer would be reintroducing Ambrielle lingerie soon and has already brought back the St. John’s Bay apparel line as well as JCP Home and Cooks.
The changes are a part of Ullman’s strategy for rebuilding the company whose sales have plummeted by over 25 percent after the previous CEO attempted to make stores upscale through elimination of popular brands.
Analyst Walter Loeb of Loeb Associates opined that the new CEO is looking to rebuild stores which have an appeal to the main customers of J.C. Penney.
Ullman was incharge of J.C Penney between 2004 and 2011 which had seen gross profit margins as well as sales of the company at an all-time high. But, the firm’s cost structure as well as sales per square foot was behind rivals which pushed it behind rivals.
Johnson dumped some important brands of Penney which resulted in hurting gross profit margins of the company along with costing the chain $4 billion in sales in 2012. The company is vigorously pushing for private label merchandise for reversing sales slide in order to ensure retention of customers.
While gadgets have made people used to sedentary lifestyles, it is great to see some technology which inspires to be up and running.
Finnish handset maker Nokia Corporation (ADR)(NYSE:NOK) is launching Motion Monitor after testing it for a few months on Lumia 1520.
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The app would be tracking the movement as it is always in the background and would not have much of an impact on power consumption.
Customers can view activities by day, month or a year. One can also check activity as live tile on lock screen.