J.C. Penney Co. Inc. chief executive officer Myron E. “Mike” Ullman 3rd — his voice gravely following a car accident last week — told WWD that Penney’s was not betting on a consumer rebound this year, but was relying on newer offerings and a “stepped-up” style message to carry the fourth quarter’s 4.5 percent comparable-stores sales gain into 2011.
Fourth-quarter profits shot up 35.5 percent and adjusted results inched past analysts’ estimates. But investors fixated on conservative first-quarter projections, which called for adjusted earnings of 21 cents to 26 cents a share, less than the 31 cents Wall Street expected. That pushed the stock down 6.5 percent to $34.16.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)