Shares of J.C. Penney Co. Inc. fell nearly 4 percent in midafternoon trading before rebounding slightly at the close amid rumblings that chief financial officer Ken Hannah might be leaving the company.
The retailer firmly denied the rumors. A spokesman for J.C. Penney said, “The speculation that Ken Hannah is stepping down as chief financial officer is completely false. In fact, Mike Ullman has assembled his go-forward leadership team, which includes Ken Hannah and the recent addition of Debra Berman as our senior vice president of marketing. The company has a highly experienced and focused leadership team in place as we head into the fall season.”
Hannah was named cfo in May 2012, while under the leadership of former chief executive officer Ron Johnson. Johnson was succeeded by Myron “Mike” Ullman 3rd, his predecessor, earlier this year.
J.C. Penney’s stock was trading around $12.76 in the afternoon, slightly up from the new low of $12.50 reached during intraday trading. The intraday high was $13.14, or a 59.6 percent drop from its 52-week high of $32.55.
This is the second time in as many weeks that shares of the retailer took a hit on market rumors. On July 31, the stock tumbled 10.2 percent to close at $14.60 over concerns about its credit burn rate. There were rumors that CIT stopped approval on some vendors scheduled to ship orders to Penney’s in January, although in reality some of those vendors were simply asked for more information on the orders before a final decision would be rendered by the factor. Even after J.C. Penney refuted those rumblings a day later, shares of the retailer inched down 0.2 percent to $14.58 instead of rebounding.
Shares of J.C. Penney fell 3.6 percent to $12.80 at the close of trading Wednesday on the New York Stock Exchange. It is set to report second-quarter earnings results on Aug. 20, a report that is expected to provide factors and credit analysts with detailed information about the retailer’s current financial condition.
Walter Loeb, a retail consultant and former retail analyst, said in his blog posted at forbes.com, “As bad as it may still seem at J.C. Penney, I actually believe the core customer is slowly coming back. This is evident by the improvement of Internet sales, which is getting a boost thanks to a revitalized staff that is placing stronger offerings on the Web site.”
Loeb noted that the retailer has been featuring more promotions, offering for example a $10 discount on purchases of $25 or more. “Value-price merchandise, missing from the sales floor for quite some time, has been ordered and is now in transit from China,” he added.
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)