J.C. Penney catches a break at the stock market
Feb 28, 2019
J.C. Penney is one of many retailers in the U.S. that are struggling to stay relevant. However, it seems the company's restructuring strategy is already showing results. Penney shares gained 20% after the company posted its financial results for the fourth quarter which show earnings of 18 cents per share against 10 cents that analysts anticipated. The company also stated that it was closing 18 locations to focus on more profitable stores and reduce its real estate footprint. Penney's recovery can be attributed to new CEO Jill Soltau, who has decided to get rid of the appliance business and instead focus more on apparel to deal with the company's issues with shifting inventory.