J.C. Penney Could Be Heading for a 180

Remember the J.C. Penney (JCP) first-quarter analyst day? Ron Johnson told the Street the company was 29% through year one of its transformation and ahead of schedule. At the time, same-store sales were down 18.9%. Investors were thinking, "Wow -- what does 'behind schedule' look like?"

Friday will mark the 77.5% point of year one. For the third time this year, Mr. Johnson will take the stage in front of investors and answer the question, "Just how bad is it?" Also on Friday, it will have been 283 days since Bill Ackman of Pershing Square, on CNBC, described J.C. Penney's first analyst day as the "most important day in retail in 25 years." The question is: Has anything really changed in the past nine months -- other than free haircuts -- that will catapult this company to its goal of becoming "America's favorite store?"...408 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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