JC Penney Company Inc (NYSE:JCP) Celebrating Its Texas Legacy

J C Penney Company Inc (NYSE:JCP)

It has been 100 years since famous retailer J C Penney Company Inc (NYSE:JCP) conveyed howdy to the state of Texas, and the firm is fixing’ to rejoice its rich legacy in the state. The firm memorialized a century of serving Texas clients on March 31 with an anniversary ceremony at its site in Wichita Falls. It is the same city where founder James Cash Penney recorded his first store 100 years ago.

The update

Joe McFarland, the EVP of stores, relates that the founder was a retail pioneer during the 20th century, expanding JC Penney Company Inc (NYSE:JCP) across the nation at a rapid clip to offer the best products and top levels of service to Americans. He managed his business depending upon the Golden Rule of treating clients as he would like to be treated, and this leading principle still reverberates with Texans today. The company was delighted to return to its roots and celebrate this occasion with associates and our customers in Texas and Wichita Falls.

During the early 1900s, the company was expanding across the U.S. with 120 store outlets serving clients in thriving downtown sites across numerous states, JC Penney started an additional 50 store outlets in 1917 – 5 based within Texas. The store opening timing was especially precarious, as the U.S. was getting ready to enter World War I. He persisted in his objective of serving clients in additional markets in spite of the war, announcing inaugural of 20 more sites across the United States in 1918.

Four of the five outlets that started in Texas 100 years earlier, Paris, Abilene, Wichita Falls and Temple, are still working within their original communities at alternate locations. Following World War II, JC Penney Company Inc (NYSE:JCP) followed its clients from downtown spending districts into extensive suburbs, and consequently into regional shopping malls, as shopping patterns and society evolved. Today, Texas is base to company’s home office and 90 stores.

To honor the firm’s centennial in Texas, the legislature will pass a resolution that would identify the retailer’s historic landmark. The resolution salutes JC Penny for serving clients, creating jobs and contributing to the energy of the Texas retail market. This resolution extends best wishes to the firm and its partners for continued success.

J C Penney Company Inc (NYSE:JCP) stock has been given a consensus target price of $8.10 for this year.

4/05/2017
Ticker Symbol JCP
Last Price a/o 3:21 PM EST  $5.61
Average Volume 20.74M
Market Cap (mlns)  $ 1.72B
Shares Outstanding (mlns) 306.11M
Share Float (mlns) 302.32M
Inside Ownership 1.80%
Short Float 32.05%
Short Interest Ratio 4.67
Quarterly Return -32.65%
YTD Return -32.49%
Year Return -46.21%

I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.

About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.

Author: Monica Gray

Monica has an undergraduate degree in Accounting and an MBA she earned - with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

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