Report: J.C. Penney slashed 43,000 jobs in one year
New York — J.C. Penney Co. has 43,000 less workers at the end of its most-recently completed fiscal year (February 2, 2012) than it did a year ago, according to a report filed Wednesday with the Securities and Exchange Commission, the New York Post reported.
The company finished its fiscal year with 116,000 full-time and part-time employees, down from 159,000 associates a year ago, the report said.
According to the Post, Penney officials have said that the previous year’s employment figure of 159,000 was inflated by an unusually high number of seasonal workers.
Ross Q4 profit jumps 23%; to stop reporting monthly sales
Pleasanton, Calif. — Ross Stores Inc. said Thursday its fourth-quarter net income rose 23%, in line with analysts’ projections. The off-price retailer also announced that beginning with the second quarter of fiscal 2013 it will no longer report monthly sales. Instead, quarterly same-store store sales results will be provided with regularly scheduled earnings releases.
“Reporting sales quarterly aligns us with the majority of other retailers who have already adopted this practice, while also increasing the focus on longer-term performance,” said Michael Balmuth, vice chairman and CEO.
Ross earned $236.6 million for the quarter ended Feb. 2, up from $192 million, in the same quarter last year.
Revenue rose 15% to $2.76 billion from $2.4 billion. Same-store sales increased 5%.
For the full year 2012, Ross earned $786.8 million, up from $657.2 million in 2011. Revenue increased to $9.72 billion from $8.61 billion.
The company also said Thursday that beginning with the second quarter of fiscal 2013 it will no longer issue monthly sales reports, but instead just include them with its quarterly earnings reports.
"We are pleased with the record sales and earnings we delivered in the fourth quarter and 2012 fiscal year, especially considering they were achieved on top of strong multi-year gains” Balmuth said. “Results for both periods benefited from our ongoing ability to deliver compelling bargains on a wide assortment of exciting name brand fashions for the family and the home to today’s value-focused consumers."
Macy’s investing $35 million to expand online fulfillment center in Arizona
New York — Macy’s announced that it will expand its online order fulfillment center in Goodyear, Ariz., to accommodate continued sales growth as part of the company’s omni-channel strategy. The company is expected to invest more than $35 million in capital in the project.
The Goodyear facility, with 600,000 sq. ft. of space, was built by Macy’s Inc. and opened in spring 2008. The expansion will add an additional 360,000 sq. ft. of space. Construction is expected to begin this summer so the expanded facility, with a total of 960,000 sq. ft., can be operational in spring 2014.
“Our online fulfillment centers, as well as the 500 Macy’s stores that will be equipped to fulfill orders by the end of 2013, handle customer orders placed online, as well as ship products to customers who shop in stores that may not stock the specific product they need. Through our omni-channel strategy, we can access the total inventory of our company for every customer,” said R.B. Harrison, Macy’s chief omni-channel officer.