New York CNN —JCPenney CEO Marc Rosen sees plenty of evidence that working-class families are struggling.
“And that customer is facing a tougher economic environment.”The JCPenney CEO pointed to the snowballing effect inflation has had on family budgets, noting that the typical household is spending about $700 more per month than they did two years ago for the same goods and services.
He pointed to strong private brand sales for apparel as well as for home goods like cookware and small appliances such as blenders and toasters.
The JCPenney CEO wouldn’t directly answer whether the department store plans to return to the public markets through an initial public offering.
“We think there are a lot of advantages right now to being a private company,” Rosen said, noting that JCPenney’s owners are reinvesting in the company and are taking a “long-term perspective” on that investment.
Persons:
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Organizations:
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Locations:
New York