Walgreen Will Close 76 Stores in the Second Half of 2014 and J. C. Penney’s CEO is Expected to Get a Pay Increase
Walgreen Co. (NYSE: WAG) announced on Tuesday that the company plans to close 76 stores in the second half of the year, though they still expect the net store count to rise. Walgreen reported that second-quarter earnings slightly fell from a year earlier also. Net earnings of $754 million, or 78 cents a share was versus $756 million or 79 cents a share in the same period a year earlier. Net sales however rose 5.1% to $19.6B while same store sales were up 4.3%. The company opened or acquired 28 new stores in the second quarter versus 29 in the same period a year earlier.
Walgreen Co., together with its subsidiaries, operates a network of drugstores in the United States. It provides consumer goods and services, pharmacy, and health and wellness services through drugstores, as well as through mail, and by telephone and online. The company sells prescription and non-prescription drugs; and general merchandise, including household products, convenience and fresh foods, personal care, beauty care, photofinishing, and candy products, as well as other health and wellness solutions.
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J. C. Penney Company, Inc.’s (NYSE: JCP) reinstalled chief executive Myron E. Ullman III may get a nice pay increase according to the SEC. According to a Securities and Exchange Commission filing, Ullman’s base salary could be raised to $1.5 million for this year from $810,606 in the fiscal year ended February 1st. He could also get $5.5 million in stock awards and is eligible to receive a $3 million bonus. Last year Ullman’s compensation was only $2.4 million total.
Up until late 2011, Mr. Ullman had been chief for seven years. He returned in April 2013 when the company ousted Ron Johnson who’s new strategy was alienating longtime Penney shoppers. Mr. Ullman has restored frequent sales events and has brought back basic merchandise. J. C. Penney earned $35 million for the quarter ended Feb. 1, compared with a loss of $552 million in the year-ago period.
J. C. Penney Company, Inc., through its subsidiary, J. C. Penney Corporation, Inc., sells merchandise through department stores in the United States. The company sells family apparel and footwear, accessories, fine and fashion jewelry, beauty products, and home furnishings, as well as provides various services, including styling salon, optical, portrait photography, and custom decorating.
Get more information on J. C. Penney Company, Inc. free access to the in depth equity report at: www.TrendingWallStreet.com/stockquote/JCP
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