JCPenney (JCP) Looks to Eliminate Clearance, Improve Visits in 2012 with Revamped Strategy

JCPenney (NYSE: JCP) shares are rebounding off of earlier lows, following a conference call by CEO Ron Johnson highlighting new initiatives for the retailer. The following are some headlines from the call:

• Stores are eliminating clearance;
  
  
• Every item has been re-priced;
  
  
• JCPenney will offer everyday low prices;
  
  
• Store content will 'dramatically' improve;
  
  
• Johnson likes the way Nordstrom does business;
  
  
• Spending on marketing will be about $80 million per month. This is down slightly from $1 billion spent in 2011;
  
  
• Will have 12 sales events in 2012;
  
  
• Looks to improve customer visits from 4 per year in 2011; and
  
  
• Johnson thinks the new pricing plan could triple sales.

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