J.C. Penney is moving forward with a new ambitious plan for growth, despite market-wide concerns over weakening consumer spending and a slowdown in the housing market, CEO Myron Ullman told Erin Burnett on “Street Signs.”
“The middle third of the economy essentially is our customer," Ullman said. "She’s employed, she’s finding what she likes and we have a very great style, quality, a smart price. We feel good about the spring season...Our biggest category is our apparel so we feel very good about the prospects going forward.”
The department-store chain announced earlier on Wednesday that it plans to open 250 new stores over the next five years, including its first location in Manhattan, and introduce American Living and Sephora concepts in its existing stores. The company also boosted its first-quarter profit forecast and outlined an aggressive 16% annual EPS growth rate through 2011.