J.C. Penney Co. Inc. lost money and market share in 2011 yet says it’s already seeing some uptick with its sweeping reinvention strategy.
Weak sales, and costs associated with the transformation — from restructurings to management changes and the new pricing and promotional format — contributed to Penney’s net loss of $87 million, or 41 cents a share, for the fourth quarter ended Jan. 28, compared with a $271 million net profit a year ago. For the year, Penney’s lost $152 million compared with a profit of $389 million for 2010.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"