Plans call for 20 units to be renovated, down from the 65 renovations completed last year. "We don't anticipate any significant change in consumer demand in the second quarter," Hicks said. "While the stimulus package is a positive, its benefit will be short-lived."
Nor will next year be better.
"In terms of 2009, we know we need to make decisions in the next 60 days. But it will be unlikely that [the number of new stores] will be as high as 36, given what we know today," said Myron E. (Mike) Ullman III, chairman and CEO.
Net income for the quarter decreased 49.6 percent to $120 million. Total sales decreased 5.1%. Comparable store sales decreased 7.4%. J. C. Penney operates 1,074 department stores throughout the United States and Puerto Rico.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
