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Mar 02, 2017

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"We believe the future winners in retail will be the companies that can create a frictionless interaction between stores and e-commerce, while leveraging physical locations to minimize the growing operational costs of delivery." In 2016, about 75% of all Penney's online orders touched a physical store. "Even with a reduced store count, JCPenney is competitively positioned to deliver a differentiated department-store model that meets the expectations of a digital world with an inspiring, tangible shopping environment," Mr. Ellison said. Mr. Ellison said the company is starting an early retirement program for about 6,000 eligible associates. He said Penney expects to see a net increase in hiring as the number of full-time associates expected to take advantage of the early retirement incentive will exceed the number of full-time positions affected by the store closures. During the quarter ended Jan. 31, the company's same-store sales fell 0.7%, compared with 4.1% growth in the previous year's period and worse than the 0.5% decline analysts cited by Consensus Metrix were expecting. Penney expects the metric to be down 1% to up 1% for the year. Also for the fiscal year ending January 2018, the company guided for adjusted earnings between 40 cents and 65 cents a share, bracketing the average analyst estimate for 56 cents a share, according to Thomson Reuters. In all for the quarter, Penney posted a profit of $192 million, or 61 cents a share, compared with a loss of $131 million, or 43 cents, the prior year.

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Independent MP Borislav Bereza arrived with the grey blob-shaped toy on Friday morning and propped it up on a vacant seat. It's a mini copy of the sculpture Homunculus Loxodontus by Dutch artist Margriet van Breevoort, which symbolises the experience of patients waiting to see a doctor. The sculpture became an internet meme in Russia and Ukraine, where it's referred to as Pochekun, meaning "the one who waits". Mr Bereza says in a Facebook post that while 322 MPs were registered as being in the chamber for a plenary session, no more than 150 of them were physically present. "But Pochekun is here in the hall," he writes. "Like a majority of Ukrainians, he is waiting for MPs to start attending and working. He does not lack time or patience. Unlike Ukraine." The toy also took a turn behind the podium, prompting other MPs to snap photos . Ukrainians commenting online are divided over the stunt. "It seems to be funny, but it is rather sad," says one Facebook user, while another thinks it's "disgusting" given the conflict in Donbass and an economy "in intensive care". One wonders what Pochekun is made of, and receives the response: "Made of our hopes and dreams".

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Nordstrom Inc. , the department store recently scolded by President Trump, reported late Wednesday a better-than-expected quarterly profit with help from strong sales online and at Nordstrom Rack. But at the Nordstrom brand, comparable store sales decreased 2.7%. Macy's, the nation's largest department store chain, says its earnings for the quarter that includes the holiday period dropped nearly 13% as results were dragged down by lower sales, store closures and other costs. Given the environment, Penney wants to be less dependent on clothing, and is focusing its efforts on its home area and rolling out major appliances in it stores. It has expanded the Sephora beauty shops and is updating its beauty salons, now branded Salon by InStyle. It also is beefing up its store label brands like St. John's Bay. In the fourth quarter, top performing areas included home, Sephora, its salon business and fine jewelry. The company is aiming to be more competitive in the digital arena.

For the original version including any supplementary images or video, visit http://www.latimes.com/business/la-fi-jc-penney-closures-20170224-story.html

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