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Takeaway: We're hosting a conference call on Thurs Aug 29th to discuss our consumer survey on JCP, and it's implication on liquidity.

JCP: Consumer Trend and Liquidity Conference Call - JCPdialin 08.29.13

Please join us for a conference call titled  "JCP: Where is The Consumer and The Cash?" on Thursday, August 29th at 11:00am EDT.The call will take an in-depth look at consumer trends and analyze J.C. Penney's (JCP) current liquidity situation.


We continue to have a net positive bias on JCP, but we cannot get fully on board while there is zero long term strategy at the company. We would look for an opportunity to get involved on the long side with the passage of time (and de-risking of the balance sheet), or a regime change to a new CEO – even if it means leaving a few dollars on the table.


  • We'll debut the results of our extensive consumer survey of JCP shoppers to gain insight into the following:
    • Why consumers left JCP (or spent less while they were there).
    • If they left, where did they take their business (KSS, M, GPS, Other, or Nowhere?)
    • Are they gone forever, or can JCP win them back?
    • What does JCP need to do to win back the business? Are they doing it under Ullman?
    • What do consumers think of redesigned stores, and does it impact their decision to return to JCP?
    • We will present our liquidity sensitivity analysis, and while JCP will cut it close at times, we don't think it is at risk of a material liquidity event.
    • Discuss how liquidity ties in to the timing of a shift to a permanent CEO.
    • Take a detailed look at Gross Margin, which is the one line on the P&L that we think could improve sooner than later.


  • Toll Free Number:
  • Direct Dial Number:
  • Conference Code: 173225#
  • Materials: CLICK HERE (Slides will download approximately one hour prior to the start of the call) 


For question please email .