NEW YORK — The worst may be over at J.C. Penney Co.
The beleaguered department store chain on Tuesday reported its sixth straight quarter of big losses and steep revenue drops as it continued to face challenges related to a botched turnaround plan spearheaded by its ousted CEO Ron Johnson.
But investors sent Penney shares up 6 percent to more than $14 – after having pushed the stock down nearly 70 percent in the last 18 months — in an expression of confidence that returning CEO Mike Ullman has started to stabilize the business.
Since he retook the top job in April after having occupied it from 2004 to 2011, Ullman has been bringing back coupons, frequent sales events and basic merchandise like khakis and jeans that Johnson eliminated in a failed attempt to attract hipper, more affluent shoppers. The latest report offered some encouraging signs that the move is beginning to pay off.