Word: penney
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Died. J.C. Penney, 95, U.S. retailing genius (see BUSINESS...
James Cash Penney's first venture as a retail proprietor-a butchershop in Longmont, Colo.-opened in 1899 and failed almost immediately, after he refused to bribe an important local hotel chef with a weekly bottle of bourbon. "I lost everything I had," said Penney, "but I learned never to compromise...
...suburban-style family theater, and the Disney-Frontier-land-like amusement park called Alaskaland all built along the few miles of divided highway that stretches between the busy Fairbanks airport and Fort Wainwright, a sprawling Army base just outside the center of Fairbanks; more conspicuous are the J. C. Penney's department store and the Colonel Sanders Kentucky Fried Chicken Take-Home and the A and W Root Beer drive-in and the two Dairy Queens. In a very short time, largely because of the presence of Fort Wainwright and the nearby Eisling Air Force Base, Fairbanks has expanded...
Growing bands of consumers in search of bargains are pushing up sales at cut-rate stores. Kresge's first-quarter volume leaped 23% over the same period last year; J.C. Penney's was up 12%; and Woolworth's latest figures show a 14% rise. In New York City, Alexander's recently posted an 18% profit increase, aided by such promotions as "pre-inflation sales" that offered men's suits for $29. Used-car sales are also brisk, mainly for models costing less than $1,000. Auto-repair volume is up 10% from last year, partly...
...worse. Earnings of the twelve largest U.S. airlines plunged 43% last year to $152 million, as operating costs soared and the growth of passenger traffic slowed. Retailers have also experienced disappointing profits, partly because they have been forced to cut prices to lure inflation-conscious customers. For example, J.C. Penney Co.'s net income rose only 1.7% last year to $110.9 million despite a 13% sales gain to $3.75 billion. Almost all of the economic figures that wiggle watchers study now point down. The statisticians have stopped saying "Wait until next month." Right now the price of cooling inflation...