DALLAS — J.C. Penney Co.’s new three-year plan calls for annual sales growth of 4 to 6 percent and earnings growth of 10 to 12 percent, the company said Tuesday. In addition, in each of the next three years Penney’s plans to invest $700 million for modernizing 500 stores and implementing new technologies, including improving distribution, inventory management and financial systems. The company has also earmarked investments in associate training and target marketing, a spokesman said Tuesday.
The program is not an increase over last year’s $717 million capital expenditure program, but it does represent a jump over the $500 million to $600 million spent in the 1993-94 period.
Over the next three years, Penney’s plans to open 100 stores and close 50 to 60 units.
The spokesman noted that the company’s vice chairman and chief executive officer, Jim Oesterreicher, told analysts last week that the second half of 1996 should be stronger than the first half, with the biggest opportunity coming in the fourth quarter.

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