Job Cuts at JCPenney (JCP) in FY12 Were More than Double CEO Johnson's Claims
Tweet
Share
E-mail
Get Alerts JCP Hot Sheet
Join SI Premium – FREE
Housecleaning at JCPenney (NYSE: JCP) may have been more rigorous than previously expected.
According to a 10-K filed Wednesday night, JCPenney reported 116,000 full-time employees working at the company at the end of its fiscal year. That's down 43,000, or 27 percent, over the prior year, when JCPenney reported having 159,000 employees.
Further, as noted by the NY Post, that's more than double the 19,000 cuts Johnson testified to under oath earlier this month during the Macy's (NYSE: M)/Martha Stewart (NYSE: MSO) trial earlier in March, when he was asked how many employes were lost while he was CEO.
Johnson said in the past that JCPenney employed 134,000 full-time workers when he took over in November 2011, meaning the retailer must have added 18.7 percent more people when the company reported 159,000 for the period ended January 28, 2012.
JCPenney also recently stated during an interview with Charlie Rose that the company have about 100,000 full-time employees, hinting that more job cuts could be in the works.
Though JCPenney cut about $386 million in overhead tied to salaries, benefits, and other compensation, the amount as a percentage of revenue moved from 29.6 percent the prior year up to 34.7 percent last year. The move higher in gross percentage only highlights how far JCPenney revenue has fallen under Johnson.
Shares are indicated for a higher open Thursday.
According to a 10-K filed Wednesday night, JCPenney reported 116,000 full-time employees working at the company at the end of its fiscal year. That's down 43,000, or 27 percent, over the prior year, when JCPenney reported having 159,000 employees.
Further, as noted by the NY Post, that's more than double the 19,000 cuts Johnson testified to under oath earlier this month during the Macy's (NYSE: M)/Martha Stewart (NYSE: MSO) trial earlier in March, when he was asked how many employes were lost while he was CEO.
Johnson said in the past that JCPenney employed 134,000 full-time workers when he took over in November 2011, meaning the retailer must have added 18.7 percent more people when the company reported 159,000 for the period ended January 28, 2012.
JCPenney also recently stated during an interview with Charlie Rose that the company have about 100,000 full-time employees, hinting that more job cuts could be in the works.
Though JCPenney cut about $386 million in overhead tied to salaries, benefits, and other compensation, the amount as a percentage of revenue moved from 29.6 percent the prior year up to 34.7 percent last year. The move higher in gross percentage only highlights how far JCPenney revenue has fallen under Johnson.
Shares are indicated for a higher open Thursday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Fisker (FSR) files form 10-K, sees more job cuts, reiterates going concern doubts
- Cyngn Inc (CYN) Announces Pricing of $5.0 Million Firm Commitment Public Offering of Common Stock
- B. Riley Financial (RILY) Files 10-K
Create E-mail Alert Related Categories
Insiders' BlogRelated Entities
LayoffsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
