January 29, 2013
JC Penney finally got a little love from Wall Street after it said it would resume holiday-related promotions, beginning with Valentine's Day.
The stock soared the most it has in four months after the department-store company made yet another adjustment to CEO Ron Johnson's pricing strategy.
Mr. Johnson, Apple's former retail chief, has eased up on his everyday low pricing model after the company's revenue fell at least 20% for the past three quarters. JC Penney will hold sales on popular items tied to "key events and holidays" such as Valentine's Day, Easter and Mother's Day, said Kate Coultas, a company spokeswoman. There will be fewer than 100 of the events, compared with almost 600 unique promotions in 2011, she said.
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