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BRIEF-J C Penney CEO -"Have no great optimism we'll be able to swing overall apparel to positive (in 2017)"
May 12, 2017 / 2:24 PM / 3 months ago

BRIEF-J C Penney CEO -"Have no great optimism we'll be able to swing overall apparel to positive (in 2017)"

May 12 (Reuters) - J C Penney Co Inc

* On conf call- pleased with Q1 performance in active apparel and dress business, these improvements bode well for the balance of 2017

* On conf call- in the process of rolling out 100 new appliance showrooms this month

* Focus on pricing analytics, store operations, supply chain, merchandising systems are beginning to help gross margin

* Units per transaction and average unit retail were up in Q1

* CFO - expect 80 basis points impact to gross margins from store closures in Q2

* CFO - expect total inventory to be down atleast 5 percent at end of 2017 from 2016

* CEO- will open 70 new Sephora locations in 2017, ending year wth nearly 650 locations

* CEO- expanding 24 existing Sephora growing each location by nearly 50% to accommodate more products and client services

* CEO- conducting several tests within our home store focus on home services programs

* CEO- will offer vastly improved assortment Nike depts in 600 stores, adding women’s Adidas apparel to 400 stores by back to school

* CEO- have cut 40 % of supply chain time on private-label brands

* CEO- overall apparel performed worse than company's comp sales in Q1, " have no great optimism we'll be able to swing overall apparel to positive (in 2017)"

* Rolling out single view of inventory for stores and online Further company coverage:

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