JCPenney Company has a concise mission statement that the Corporation is aptly applying. The statement reads: “JC Penney is executing a Long Range Plan that consists of integrated strategies aimed at building a deeper, more enduring relationship with our customers, increasing the engagement and retention of our Associates, and delivering industry leading financial performance to our shareholders.” The company slogan simply states “Every day matters.” The long range goals and company slogan have turned this retail chain store into a Fortune 500 company publicly traded on the New York Stock Exchange (JCP).
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Financial Information
Most recent trade (9/21/2011) was 26.29 per share. The all time high share cost was in June of 2007 and was 87.18. The decrease is a reflection of the general recession of the last three years that has occurred in the US. Despite a lingering recession, J C Penney has continued to show revenue growth and employee growth. (Finance.Yahoo.com) Top competitors in the mid-range retail market are Kohl’s, Macy’s and Sears. The company is based in Plano, Texas and has 1106 stores nationwide and in Puerto Rico. Merchandise consists of clothing, furniture, footwear, accessories, household goods, jewelry and beauty products. The services component consists of home decoration, styling salons, portrait studios and optical shops. (Hoovers.com) At one time, the Company owned Eckerd’s Drug Store chain, but sold that in 2004 for 4.5 billion to concentrate on online expansion. During that same time period J C Penney began to exit the mail-order business in favor of online sales. (Finance.Yahoo.com)
Personnel
Key personnel are Myron Ullman III who serves as the Chairman of the corporation; Ron Johnson who serves as CEO; Michael Dastugue who serves as CFO. Ron Johnson is the newest executive and began his position on the Board of Directors in August of 2011, but will not officially function as CEO until November 1, 2011. Johnson was the former chief of retail for Apple Corporation. (Wall Street Journal, June 14, 2011.) As of January 2011, the department store chain employed 156,000 employees in the 1106 locations.
Company History
Kemmerer, Wyoming is the site of the first JCPenney store. In 1902, James Cash Penney went into partnership with two other gentlemen in a retail operation named The Golden Rule. Two additional stores were added, but in 1907 the partners wished to dissolve the partnership and Mr. Penney bought them out. By 1912 Mr. Penney had 34 stores throughout the Rocky Mountain States. In 1913 the stores became incorporated under their new name, J C Penney Company. William Henry McManus became co-founder of the company and one year later, the company headquarters relocated to New York City. The purpose of this move was to be closer to market, financing and transportation as the company continued to rapidly grow. By 1917 there were 175 stores open. The company acquired a third partner by the name of Bert Niver. by 1928 store number 1000 had opened and sales reached the 190 million mark. As an interesting note in retail history, Sam Walton began working at a J C Penney store in Des Moines, Iowa. Walton is the founder of retail giant Walmart which began in 1962. (Wikipedia.com)
Continued growth wasn’t without trial and error. In 1962 Penney’s purchased General Merchandise Company, a discount retail group known by the name of Treasury Stores. After operating for 19 years these stores were shut down because they proved to be unprofitable. National advertising went into effect in 1956 when J C Penney Company placed an ad in Life magazine. Credit cards became available in 1959. In 1963 the first catalog was published. The competing catalog merchants were Sears and Wards. After Sears dropped out of catalog merchandizing Penney’s became the leader in catalog sales. They maintained that position until 2011 when the company announced plans to discontinue catalog sales and focus more on online sales.
Additional acquisitions included Thrift Drug Stores and Supermarkets Interstate in 1969. In 1989 the company bought First National Bank of Harrington, Delaware and renamed it as J C Penney National Bank. This also the year that they launched the JCPenney Television Shopping Channel. In 1996 the company purchased Fay’s Drugs and Kerr Drug’s and then Eckerd Drugs. All of the drug store operations were merged and changed to Eckerd Drugs in 1997. In 2004 J C Penney sold all the drug store holdings. Most went to Rite Aid Company but some, in the South, went to CVS Pharmacy. (Wikipedia.com)
Giving Back
JCPenney Company has developed a code of social responsibility based on the founder, James Cash Penney’s belief of “doing what is right and just.” To accomplish this goal, the company is committed to supporting environmental, social and ethnic causes. More than $100 million has been donated to several afterschool programs to make sure children aren’t left unattended and with nothing constructive to do after school. Funds went to programs within the “Y”, 4-H and FIRST Robotics. One percent of pre-tax net income is donated to charitable and philanthropic organizations in the US and abroad. The company encourages and supports volunteerism by their employees for local causes. Four times a year customers are able to round up their purchases to the nearest dollar and Penney’s will donate that amount to local causes. The company is committed to reducing energy use and waste by 20% by the year 2015. The company has already won Environmental Protection Awards three years in a row for energy awareness and conservation. (JCPenny.com)