At last week’s Ira Sohn conference, Pershing Square Capital Management’s Bill Ackman gave an in-depth presentation to back up his bullish case for J.C. Penney.FT Alphaville’s Cardiff Garcia obtained a copy, and we’ve reproduced it here.
Essentially, Ackman wrote off J.C. Penney’s poor performance in the first quarter as mere growing pains, arguing that CEO Ron Johnson and his dream team of new executives will affect a rebirth for the struggling retailer. Their focus on separate shops rather than store-wide blanket discounts will bring them success starting later this year.
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