JCPenney Company planned to reduce capital expenditures to approximately US$650 million, versus US$1 billion expected for 2008, and US$1.2 billion in 2007.
It planned to open 20 new or relocated stores in 2009, down from 36 new or relocated stores that will open, in total, this year. This compares to previous plans to open 50 stores each year through 2011.
The company also reduced its renovation plans to 10-15 stores next year, down from the 20 renovations it expected to complete this year and compared to its previous plans to renovate 65 stores each year through 2011.
The company continued to expect total inventories to be below 2007 levels by the end of the 2008 back-to-school season. Going forward, the company said that it would continue to plan inventory levels in alignment with sales expectations. It also expected to further improve the year-over-year gross margin trends to improve in the third and fourth quarters of 2008.
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