That was fast.
Less than two weeks after admitting “mistakes” and asking its customers to come back in a much-talked-about video, J.C. Penney is already declaring that they have returned to the beleaguered department store.
“We brought back the things you like about J.C. Penney, gave you new things to explore and now, we’re happy to say, you’ve come back to us,” says a new ad released by the company, called “Thank you.” “We’re speechless, except for two little words. Thank you.”
While J.C. Penney’s initial financial results for the first quarter show a precipitous 16 percent decline, at least one analyst says the retailer may have good reason to be thankful.
According to Bloomberg, Cleveland Research wrote that the reinstatement of coupons and promotions—eliminated by prior CEO Ron Johnson—may have lured customers back into the stores.
Clearly, promotions will play a big role going forward. A company “public lender presentation,” filed with the SEC, said the department store plans to “return to promotions, which have historically delivered consistent gross margins.”
The presentation noted that returning CEO Myron Ullman has a “proven track record in turnarounds, strong vendor relationships, and understanding of industry.” It also said Penney’s marketing plans will “clearly communicate the style/quality and price offered as a completing customer proposition.”