Word: penneyer
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...being achieved by cutting prices. Profits are being squeezed." Almost all the large chains are feeling the profits pinch. Industry Analyst Stuart Robbins of Paine Webber Mitchell Hutchins expects second-quarter earnings for twelve of the biggest retailers to decline by an average 25% to 30%. Last week J.C. Penney Co. announced that profits for April through June were down 69%, to a negligible $5 million on sales of $2.5 billion. Last week the perennially troubled Korvettes Inc., the retail chain, was saved from probable bankruptcy when its French parent was able to restructure the store's $57.2 million...
...profit margins dropped. Last year Sears again shifted tactics by cutting down promotions and long-running sales to rebuild earnings. But that also failed, and sales declined 2.3%. Sears was developing an acute case of corporate schizophrenia. Says Morgan, Stanley Analyst Walter Loeb: "There is a certain sexiness about Penney's, a certain chauvinist budget-orientation about K mart. But Sears' heavy-handed male orientation doesn't appeal to women-and women are the shoppers...
America's $55 billion love affair with plastic money was on the ropes last week. Big retailers and banks began sharply reducing the borrowing clout of credit-card holders. J.C. Penney stiffened credit requirements, curtailed card promotions and hiked the minimum purchase eligible for time payments from $19 to $200. Banks, which had been deluging customers with Visa and MasterCard (formerly Master Charge) applications, suddenly throttled back the flow of easy credit. New York's Bankers Trust Co. slapped a $500 credit limit on new accounts and froze ceilings on existing credit lines. Chase Manhattan Bank said...
Retail stores have also been hit. In 1978 Sears, Roebuck and Co. lost $7 million on its credit operations, while J.C. Penney's ran $34 million in the red. Last year's losses were even higher. Reason: the companies, like banks, have to borrow the money they loan at a higher interest rate than they can charge...
...reasons Justin was chosen was because the interview made clear that he has a very good relationship with his real father, Cliff Henry, a portfolio manager for J.C. Penney. Another was that he had never acted before. Explains Director Robert Benton: "We didn't want anyone with bad habits." Still, after seeing the movie, audiences may be excused if they think he was born before the cameras, so true and so good is his performance...