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JC Penney CEO Ullman to get big pay raise in 2014 as he guides retailer through turnaround

NEW YORK, N.Y. - J.C. Penney's reinstalled CEO Mike Ullman is poised to get a big pay increase as the department store chain shows some signs of a turnaround. J.C. Penney Co. could increase Ullman's base salary to $1.5 million for this year, from $810,606 in the fiscal year that ended Feb. 1, according to a Securities and Exchange Commission filing Monday. He could also get $5.5 million in stock awards and is eligible to receive a $3 million bonus.

J.C. Penney shares jump on Citi upgrade

(Reuters) - J.C. Penney Co Inc shares <JCP.N> rose as much as 10 percent after Citigroup upgraded its rating to "buy" from "neutral," saying the department store's sales will continue to grow and dismissing concerns about its liquidity. Citi raised its price target on Penney's shares to $11. It also said Penney, which last year had to raise money three times in debt and equity markets, has "sufficient liquidity."

J.C. Penney expects higher sales, gross profit this year

By Phil Wahba (Reuters) - After two years of massive losses, J.C. Penney Co Inc <JCP.N> appears to be turning a corner. It reported improved sales and profit margins for the holiday season quarter, and the department store chain expects to make further strides this year.

JC Penney ekes out small profit in 4th quarter but posts revenue shortfall

NEW YORK, N.Y. - J.C. Penney's turnaround seems to be getting some legs. The department store retailer swung to a small profit in the fourth quarter from a massive loss a year ago, and reported its first quarterly gain in a key revenue figure in more than two years. The company also had positive news going forward: Penney said it expects that revenue at stores open at least a year, the key revenue measurement, will increase 3 to 5 per cent in the current quarter.

JC Penney CFO Hannah leaving the company, Record named as successor

PLANO, Texas - J.C. Penney has replaced its chief financial officer, the latest move by the struggling department store operator as tries to improve its results. Chief Financial Officer Ken Hannah, 45, is leaving the company and will be replaced by Ed Record, 45. He was previously chief operating officer at department store chain Stage Stores. The move is effective March 24.

JC Penney's sales trends improve in holiday quarter, but not enough; Shares tumble to near $5

NEW YORK, N.Y. - The first increase in more than two years for a key sales measure at J.C. Penney was not enough to win over Wall Street, which punished the retailer's shares. The company's stock plunged almost 11 per cent Tuesday, closing at $5.08. Sales in established stores, a key measure of a retailer's health, rose 2 per cent during the November-January quarter. But analysts had expected a 4.2 per cent increase, according to FactSet estimates.

US stocks rise on Microsoft, earnings reports

US stocks Tuesday moved higher in early trade as Microsoft made a long-awaited announcement on a new chief executive and a handful of corporate results bested expectations. About 45 minutes into trade, the Dow Jones Industrial Average advanced 58.62 points (0.38 percent) to 15,431.42. The broad-based S&P 500 picked up 10.05 (0.58 percent) at 1,751.94, while the tech-rich Nasdaq Composite Index gained 27.58 (0.69 percent) at 4,024.54.

JC Penney bulks up takeover defence move as retailer tries to return to profitability

NEW YORK, N.Y. - J.C. Penney is bolstering its shareholder rights plan, or "poison pill" — typically an effort to thwart takeover attempts. The shareholder rights plan can now be put into effect if an individual or group acquires 4.9 per cent or more of its outstanding stock. That's down from a 10 per cent threshold. The corporate defence strategy allows existing shareholders to buy more shares at a very low price if that occurs.

Scant details from JC Penney on holiday sales; shares drop

By Phil Wahba (Reuters) - J.C. Penney Co Inc <JCP.N> said in a statement Wednesday it was "pleased" with its holiday sales performance, but provided no details on those sales, sending shares of the struggling department-store chain down 8 percent in morning trading. The retailer, which is expected to report fourth-quarter results in February, is fighting to win back shoppers after a failed experiment to go up-market in 2012 and early 2013.

Exclusive: Penney shrinks top name brands as own labels take center stage

By Phil Wahba PLANO, Texas (Reuters) - J.C. Penney Co Inc <JCP.N> is looking to the past to build its future. After two years of declining sales, the department store chain is eliminating or trimming some high-profile brands introduced by former Chief Executive Officer Ron Johnson, including its own jcp menswear, Joe Fresh clothes and some Martha Stewart-designed home furnishings.
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