Just as Jim Cramer thought J.C. Penney was left for dead with no hope, it makes a comeback. Yes, that's right—J.C. Penney is back. And the new J.C. Penney has some spunk to it, which leads him to believe that it will fight off the competition.
In Cramer's opinion, its new CEO, Marvin Ellison, is taking the company to a new level with his humility and competitiveness. It is almost as if he is aware that is goal is not just to enter the retail playoffs but to be the champion. It is exactly this type of lofty goal setting that has been sorely missing for a long time.
The CEO has backed up his claims with 4 percent comparable-store sales and plans to get them to 5 percent. Cramer finds this amazing for the old horse J.C. Penney, considering the damage that was done by its previous CEO Ron Johnson.
"He almost destroyed J.C. Penney, consistently taking the same-store sales down to the high negative 20s, an extraordinary feat. I mean, you almost have to actively drive customers away from the stores with the threat of physical violence to repeatedly deliver such terrible numbers," Cramer said.