J.C. Penney CEO’s pay package plummeted 97% in 2012
New York — A Securities and Exchange Commission filing on Tuesday revealed that embattled J.C. Penney CEO Ron Johnson saw his compensation package plummet 97% to about $1.9 million in 2012.
Johnson received a base salary of $1.5 million, up from his partial-year salary of $375,000 in 2011, but did not receive stock or option awards in 2012. That compares with a stock award worth $52.7 million on the date it was granted in 2011, when Johnson was named CEO.
He also received $388,587 in other compensation in 2012, including contributions to savings plan and personal use of company aircraft, home security systems and information technology services.
According to J.C. Penney, no executives were given any performance-based bonuses in 2012, as the company reported an operating loss for the fiscal year of about $1 billion. J.C. Penney added in the filing that fiscal 2012 was the first year of a "multi-year transformation strategy" for the company, as it “underwent tremendous change as we began shifting our business model from a promotional department store to a specialty department store. Fiscal 2012 was tougher than expected and the company’s sales and operating profit declined significantly."
Walgreens reports March sales increase of 2.3%
Deerfield, Ill. — Walgreens reported Wednesday that sales for the month of March increased 2.3% to $6.2 billion.
Total front-end sales increased 5.4% compared with the same month in fiscal 2012, while same-store front-end sales increased 4.2%. Front-end sales will have benefited from a March 31 Easter — last year Easter sales fell in April. As a result Walgreens said it will report combined comps for March and April with its April sales results.
Jos. A. Bank fiscal 2012 profit slips, sales rise
Hampstead, Md. — Jos. A. Bank Clothiers reported Wednesday that net income for the fiscal year ended Feb. 2 slid to $79.7 million, from $97.5 million in the prior year.
Annual sales rose 7.1% to a record $1.05 billion, from $979.9 million. Same-store sales decreased 0.5%.
Jos. A. Bank had warned that net income for fiscal year 2012 was expected to be approximately 20% lower than net income for fiscal year 2011.
"Although we did not achieve an increase over the record earnings of fiscal year 2011, we were still very profitable with net income of 7.6% of net sales in fiscal year 2012,” said R. Neal Black, president and CEO, JoS. A. Bank. “We are disappointed that we were not able to drive the sales gains we expected in our comparable stores.”
Black added that the company remains cautious about the first quarter of 2013.