Word: penneyer
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...stockholders at the annual meeting of the J. C. Penney Co. in Manhattan last week none displayed more understandable satisfaction with the proceedings than the company's biggest individual stockholder: semi-retired Founder James Cash Penney, 89, who holds 258,018 shares worth $19.4 million. The 1,676-store chain reported that it passed $2 billion in sales last year for the first time, gained 9.9% in the first quarter of 1965, and expects a full year rise of from 4% to 6%. The irony is that this has been accomplished by reversing most of the guidelines that Founder...
Quant & Mitzou. Under J. C.'s rule, 96% of Penney stock was in soft goods, cash was the key word, and Penney's familiar black and mustard-yellow signs were small-town landmarks. In Penney's new-look stores, 25% of the space is given over to such fast-moving and profitable hard goods as TV sets and washers; this year the company will move into plumbing supplies, nursery stock and musical instruments. The chain now has 5,500,000 charge-account customers who last year accounted for 30% of sales; moreover, it has opened 405 desks...
Smiling recruiters from 18 companies will take over 32 rooms in Manhattan's Waldorf-Astoria this week to interview more than 600 college graduates. On hand will be personnel specialists from Boeing, Bristol-Myers, Chase Manhattan, Equitable Life, Lever Bros., J. C. Penney, Xerox and other giants. The young men who will get the corporate glad hand are some of the most sought after graduates of the class of '64. They hold a variety of degrees, but they have one thing in common: all are Negroes...
...Rubber, one of the biggest, makes such tires as Flying A, Atlas and Davis in addition to its prestigious U.S. Royals. Goodrich makes and markets Vanderbilts and Diamonds; Firestone makes Daytons and Cities Service; and Goodyear has just won the contract to make Foremost tires for J. C. Penney, which recently entered the auto-supply field...
...birth of the discount store. Catalogue sales have grown 60% in the last decade, rose 10% to a record $2.4 billion. Though the market is still dominated by Sears, Montgomery Ward, Spiegel and Aldens, more and more companies are entering the field. Six months ago giant J. C. Penney (1,667 chain stores) began selling by catalogue. Last week another big company made a strong bid to win a foothold in the market: Western Auto Supply Co. (1963 sales: $326 million) mailed the first of 7,000,000 catalogues that will offer auto supplies, appliances and sporting goods through...