J.C. Penney Penny Department Appointed Marvin Ellison As The New CEO.

J.C. Penney Co. Inc. (NYSE:JCP) announced the appointment of Marvin Ellison as its president and chief executive officer on Monday. The appointment will take effect on November 1st and will officially replace the current interim CEO Myron Ullman in August 2015.

J.C. Penney Co. Inc. (NYSE:JCP) announced the appointment of Marvin Ellison as its president and chief executive officer on Monday. The appointment will take effect on November 1st and will officially replace the current interim CEO Myron Ullman in August 2015.

News stimulated J.C. Penney Co. Inc. Peng Ni Department opened more than 5% on Monday, but the time rose for Chinese fashion news, but it still narrowed by more than 2%.

At the age of 49, Marvin Ellison is currently working as a home building material retailer, Home Depot Inc (NYSE:HD), as the executive vice president of the US Department store. Before that, he served in the department store Target Corp. (NYSE:TGT) Taghit group for 15 years and had about 30 years of retail experience.

J.C. Penney Co. Inc., chairman and interim CEO Myron Ullman of Penny's Department, said Marvin Ellison's experience and leadership will help J.C. Penney Co. Myron, like Penny's Department, develop rapidly as it did in the past 18 months.

J.C. Penney Co. Inc. Penny's Department suffered great losses in the past two years after the failure of former CEO Ron Johnson and private equity Pershing Square Capital Management boss William William, and finally returned to the group.

It has recovered and has gradually won the favor of consumers.

According to the no fashion Chinese network data, in the two quarter of August 2nd, the J.C. Penney Co. Inc., Penny's loss decreased sharply compared with the same period last year, the net loss dropped from 172 million US dollars in the same period last year to US $172 million, and the diluted share loss decreased from 2.66 US dollars to 0.56 US dollars, far lower than the expected 0.93 US dollars in the market.

The group has lost more than 2 billion 700 million dollars in the past two and a half years.

Thanks to the reduction in inventory clearance and sales, the gross profit margin in the two quarter increased significantly by 640 basis points to 36%, compared with 29.6% in the same period last year.

Despite the resumption, J.C. Penney Co. Inc. continued to suffer losses. Last Wednesday, group Analyst Day reported bad news. The group's chief financial officer, Ed Record, said sales growth in the three quarter would be lower than expected in the three quarter due to the decline in sales in September. After J.C. Penney Co. Co., the company expects to have a median digit growth in the same quarter.

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Analyst Day on J.C. Penney Co. Inc. Inc., Penny released an additional $2 billion sales plan for accessories, saying it will reorganize the shoe and handbag sector in the next 3 years, expand the sales area of women's shoes 30%, and set up a separate sales zone for men's shoes.