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Wednesday, Feb 6
Quick hits from J.C. Penney (JCP -3%) CEO Ron Johnson's interview on CNBC: 1) Customers didn't...
Quick hits from J.C. Penney (JCP -3%) CEO Ron Johnson's interview on CNBC: 1) Customers didn't understand "everyday prices" which precipitated the need for sales to return. 2) 30 new shops will arrive this year including Martha Stewart in May. 3) RJ thinks reference prices will resonate with consumers and backs the core pricing philosophy. 4) Semantics again. The new $10 coupon offer from the retailer is like a coupon but "different." 5) Six minutes into the interview, RJ references Apple as he backs the transformation in a sweeping manner and suggests he has the board's backing. 6) Rumors of layoffs aren't confirmed by the exec. (video)