JCPenney 2009 Annual Report Download - page 23

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Rising to the Challenge
JCPenney’s nancial position grew stronger in 2009. We delivered
better than expected sales and earnings and ended the year with
$3 billion in cash on our balance sheet. The discipline we showed in
executing our business in 2009 has laid the foundation for JCPenney
to grow in the future. For 2010, we are focused on growing our sales
and market share, protecting our gross margin to maximize earnings
potential and delivering enhanced stockholder value.
2009
$806
million
2008
$21
million
Two year
free cash
ow
(3) growth:
Financial Discipline
Stepping Up Our Financial Flexibility:
The last year was challenging — one of the most difcult economic periods in history. Despite this, due to our
disciplined approach and focus on protecting our protability, we were able to further strengthen JCPenney’s
nancial position. This strength allows us to continue to invest in what sets us apart: launching new and exciting
merchandise initiatives, rewarding our Associates for their dedication to delivering a highly satisfying shopping
experience, and enhancing our digital platform — jcp.com, social media, mobile and FindMore in our stores.
23