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Why J C Penney Company Inc (NYSE:JCP) Is In Focus?

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J C Penney Company Inc (NYSE:JCP) drew a Russell Simmons menswear line after it was accused by two females of sexual misconduct. The firm launched the Argyleculture line in last September. The collection of polos, blazers and sweaters was part of the company’s push to get more young men to its outlets. These products were being offered on company’s website and at around 80 of the total 875 stores. The firm decided to stop selling Argyleculture in light of the latest allegations.

The details

Simmons expressed that he would step down from his firms after a second woman, Jenny Lumet indicted him of sexual misconduct. Brand holdings include yoga studio Tantris, Rush Communications, production company Def Pictures and energy drink Celsius. The brand’s offerings are still available on EBay and Amazon.

In unrelated news, department stores confronted weak sales seen throughout 2017 by announcing a robust start to the holiday shopping season. J C Penney along with peers Macy’s Inc (NYSE:M) and Kohls Corp (NYSE:KSS) posted solid traffic online and in stores. Those figures go along with initial projections from the National Retail Federation.

In-store sales marks good news for struggling retail segment that has seen several customers defecting to online shopping. J.C. Penney has executed a few measures to adjust to the e-commerce trend, such as using its around 875 outlets as fulfillment centers for web orders, and closing 138 stores countrywide. It has also increased the number of products it sells online by 50%.

However, this doesn’t mean the firm is ignoring brick and mortar. It has split into new products and expanded its offerings in segments including home offerings, appliances, toys, women’s apparel and furniture. It expects these, and other in-store and online programs, will be effective to record more revenue. In last quarter results, announced on November 10, J.C. Penney witnessed a 1.8 percent drop in total net sales.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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