This post is part of a series of posts called “Company Notes.” These posts contain quotes and exhibits from earnings calls, conference presentations, analyst days and SEC filings. The quotes are generally pieces of information that I find interesting or helpful to understanding the company, industry or economy and are not meant to provide summaries of the full content of the call. Other posts in this series can be found by clicking here. Full transcripts can be found at Seeking Alpha.
“in 2011 JCP did – J. C. Penney did business at least once with over 50% of the families in America. We enjoy a 111 year old tradition of being a trusted destination for high quality goods at prices affordable for the hardworking American family.”
“As you can see on our results for the quarter, we aren’t where we need to be yet. This is however a journey. There are no quick fixes to correct the errors of the past. It’s going to take time to get fully back on the right track across the Company.”
“Certainly as we look through the end of the year, the $1.5 billion of liquidity that we have projected we’re not assuming that we need any additional financing.”
“We also have an important imperative to get the percentage of private brand merchandize back up to over 50%, our assortments that significantly impacted profitability as well as the attraction for our core customer when she comes two or three times and doesn’t find St. John’s Bay, it was a $1 billion brand that was just eliminated completely from our assortments in women’s.”
“I think what we’ve said is that we have work to do to regain the trust of our customer. So we’ll certainly take additional volume as they reward us. But to bet the ranch on some kind of wild return to growth and a specific short time period I think wouldn’t be prudent. We have the inventory to do the business. I think if you come in our stores these days, they’ve never looked better. Some of the improvements during the previous management were in the area of visual clarity and visual presentation. So I think that people will give us the opportunity to show what we have. Now that we’re in business in inventory, we would expect to do well. But it’s a tough environment. I don’t think I need to tell you that virtually every retailer that’s dealing with consumer spending and particularly discretionary spending is competing against home improvement, handheld devices and new auto sales and so forth”