Headlines

Penney's left out of first-quarter retail gains

Healthy economy didn't trickle down to lagging retailer

Published

24 years ago

May 17, 2000

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While a shopper-friendly economy is credited for the first-quarter profits enjoyed by such big box retailers as Target and Home Depot, J.C. Penney didn't get to share the wealth.

The troubled Plano, Texas, department store chain reported that its operational profits fell by 51 percent, to a net income of $87 million (or 28 cents a diluted share) from the same period a year earlier ($167 million net income, or 67 cents a share).

Earlier this month J.C. Penny's chair and ceo James Oesterreicher (who's been under scrutiny dueto lackluster sales) announced that he was resigning as soon as a successor was found. He is, by the way, one of three major retail heads to announce his departure this spring. In March Sears, Roebuck & Co's chair, Arthur Martinez said he was calling it quits by year's end. And yesterday, Floyd Hall of Kmart, stated he would leave the company when his contract expires in April 2001.

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