J.C. Penney Launches Interactive Runway Show
Plano, Texas J.C. Penney launched an interactive virtual runway show to give shoppers a personal look at new spring styles.
The runway show, available on www.jcp.com, showcases affordable selections from its designer partners’ collections, including nicole by Nicole Miller, Bisou Bisou by Michele Bohbot, as well as new designer collections, ALLEN B. by Allen B. Schwartz and I “Heart” Ronson by Charlotte Ronson. The virtual runway show features popular music and 360-degree views of models. The “Meet the Designers” forum allows shoppers to hear from the designers who use video vignettes to share their style inspirations and spring fashion predictions.
“With more than 800,000 women visiting jcp.com each week, this online experience will help us showcase our portfolio of authentic, world-class designers, while engaging our customers with the J.C. Penney brand,” said Mike Boylson, chief marketing officer, J.C. Penney.
J.C. Penney announced the virtual runway feature through an e-mail campaign that targeted 15 million customers. It also used a direct-mail campaign directing shoppers to the Web site. The retailer plans to feature new merchandise on the virtual runway shows throughout the year.
Wal-Mart job cuts begin
Rumors of additional layoffs at Wal-Mart circulated throughout Northwest Arkansas this morning as employees in the retailer’s information systems division and human resources group learned they were being let go. Wal-Mart spokesman David Tovar explained the jobs cuts were a continuation of announcement last week that Wal-Mart planned to eliminate 700 to 800 positions and did not represent additional cuts above that amount.
JCPenney beats 4Q earnings guidance, expects 1Q loss
PLANO, Texas JCPenney reported 2008 fourth quarter operating income of $389 million and earnings from continuing operations of 94 cents per share, compared to recent guidance for earnings to be in a range of 90 cents to 93 cents per share. For the full year, operating income was $1.13 billion, or 6.1%of sales, and earnings from continuing operations were $2.54 per share.
Total sales in the fourth quarter decreased 9.8% compared to last year, while comparable-store sales decreased 10.8%. The strongest merchandise results were in women’s apparel and family shoes and, geographically, the best performance was in the Southwest region of the country. The weakest results were in fine jewelry and in the Southeast region.
For the first quarter of 2009, JCPenney expects total sales to decrease 10% to 13% and a loss in the range of 20 cents to 30 cents per share.