J. C. Penney Company Inc.
), along with all other retailers is gearing up for the upcoming
holiday season. The company plans to hire 35,000 temporary staff
members to better serve its patrons, Reuters reported.
J. C. Penney has been in troubled waters for quite some time,
and its shares have nosedived approximately 43% year to date,
reflecting decreasing revenues and higher losses. Moreover, the
company has not shown any signs of recovery in the recent past.
This is evident from its 7th consecutive quarter of sluggish
results on Aug 20.
The company remained in the red with adjusted loss per share
of $2.16 in the second quarter of fiscal 2013 that widened from
the loss of 37 cents in the year-ago quarter. The Zacks Consensus
Estimate for the quarter was a loss of $1.13. Top line plunged
11.9% to $2,663 million and fell short of Zacks Consensus
However, this Zacks Rank #3 (Hold) stock has taken several
strategic initiatives to drive traffic and conversion. The
company brought back promotions, which could be a successful
sales driver this holiday season.
We believe retailers will leave no stone unturned to tap this
holiday season. Armed with several strategies that include
early-hour store openings, promotional events, free shipping on
online purchases or heavy discounts, retailers will try all
tricks to boost sales. As the coming holiday season seems to be a
busy one, retailers are presently focusing on their seasonal
Retailers such as
Wal-Mart Stores Inc.
Toys "R" Us Inc.
have announced their hiring plans for the upcoming holiday season
to draw in traffic.
Target plans to employ 70,000 seasonal employees, less than
88,000 it hired last year. This Minneapolis, Minn.-based general
merchandise and food discount operator indicated that its own
permanent associates are ready to work extra hours during the
holiday season. Toys "R" Us Inc. plans to increase its seasonal
headcount by 45,000 this year much like last year.
Bentonville, Ark.-based Wal-Mart Stores disclosed plans to
sign over 55,000 seasonal workers, up 10% from the prior year, as
it gears up for the holiday season. Kohl's indicated that it will
recruit over 50,000 personnel, as it prepares itself for the
busiest time of the year. The department store also expects to
appoint 6,400 associates at its distribution centers and 350
seasonal staffs for its credit operations. Like Kohl's, hhgregg
also announced its plans to hire 500 qualified home appliance and
electronics sales associates to handle the rush during the
shopping season for its 228 stores.
PENNEY (JC) INC (JCP): Free Stock Analysis
KOHLS CORP (KSS): Free Stock Analysis Report
TARGET CORP (TGT): Free Stock Analysis Report
WAL-MART STORES (WMT): Free Stock Analysis
To read this article on Zacks.com click here.