JCPenney presents 2007-2011 Long-Range Plan to accelerate growth
19 Apr '07
3 min read
At its 2007 Analyst Meeting, held over the past two days, J. C. Penney Company Inc presented its 2007-2011 Long-Range Plan to accelerate the growth of its store and customer base, as well as its financial performance.
Myron E. (Mike) Ullman, III, chairman and chief executive officer, said, "Building on the strength and progress of the last two years, our new Long-Range Plan is designed to make JCPenney the growth leader in the retail industry. We will do this by accelerating our growth through vigorous execution of our new strategies. We have tremendous confidence in our management team and 155,000 engaged Associates across the country to achieve our vision to be the preferred shopping choice for Middle America."
Long-Range Plan Strategies:
During the Analyst Meeting, JCPenney senior leadership presented growth initiatives focused around the four strategies of the new Long-Range Plan, including (1) developing a strong and enduring emotional connection with customers; (2) offering inspiring merchandise and services; (3) becoming the preferred choice for a retail career; and (4) establishing JCPenney as the growth leader in the retail industry.
Financial Expectations for 2007-2011:
The Company provided financial performance expectations through 2011, including a number of measures that will firmly establish JCPenney as the growth leader in the retail industry. Long-Range Plan Financial Targets announced at the meeting included:
• Total department store sales increasing mid-to-high single digits annually, comparable store sales increasing low-to-mid single digits and Direct sales increasing mid-single digits (with improvement throughout the period).
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