J. C. Penney Company, Inc. announced financial results for its fiscal second quarter ended Aug. 3, 2019. Net loss for the quarter was $48 million or ($0.15) per share. Comparable sales decreased 9.0 % for the quarter. Excluding the impact of the Company’s exit from major appliance and in-store furniture categories, comparable sales decreased 6.0 % for the quarter. Cost of goods sold for the quarter was 63.2 % of sales, a decrease of 310 basis points compared to the same period last year. Inventory at the end of the second quarter was $2.47 billion, down 12.5 % compared to the end of the second quarter last year. “I am pleased with the results we delivered this quarter and the progress we are making against our plan. While we still have work to do on our topline, I strongly believe that growing sales in an unprofitable way is simply not an option. The only way I know how to reconstruct a business, is through a holistic approach across all the key tenets of strategic, purposeful and effective retailing. Notably this quarter, the meaningful improvement we delivered in cost of goods sold was driven by lower permanent markdowns, improved shrink results, increased store and online selling margins and the exit of major appliance and in-store furniture categories.” said Jill Soltau, chief executive officer of JCPenney.
Q3 Results Include 24 Percent Year-Over-Year Revenue Growth and Record Adobe Document Cloud Net New ARR
Adobe (Nasdaq:ADBE) today reported financial results for its third-quarter fiscal year 2019 ended Aug. 30, 2019.
Q3 FY2019 Financial Highlights
- Adobe achieved record quarterly revenue of $2.83 billion in its third quarter of fiscal year 2019, which represents 24 percent year-over-year growth. Diluted earnings per share were $1.61 on a GAAP-basis, and $2.05 on a non-GAAP basis.
- Digital Media segment revenue was $1.96 billion, which represents 22 percent year-over-year growth. Creative revenue grew to $1.65 billion and Document Cloud achieved revenue of $307 million. Digital Media Annualized Recurring Revenue (“ARR”) grew to $7.86 billion exiting the quarter, a quarter-over-quarter increase of $386 million. Creative ARR grew to $6.87 billion, and Document Cloud ARR grew to $993 million.
- Digital Experience segment revenue was $821 million, representing 34 percent year-over-year growth.
- GAAP operating income in the third quarter was $854 million, and non-GAAP operating income was $1.15 billion.
- GAAP net income was $793 million, and non-GAAP net income was $1.01 billion.
- Cash flow from operations was $922 million.
- Remaining Performance Obligation was $8.77 billion.
- Adobe repurchased approximately 2.6 million shares during the quarter.
A reconciliation between GAAP and non-GAAP results is provided at the end of this press release and on Adobe’s website.
“Customers across every industry continue to rely on Adobe to run their businesses, transform how they work, and bring their creative ideas to life as reflected in our record Q3 results,” said Shantanu Narayen, president and CEO, Adobe. “We’re excited about the opportunities in front of us and confident in our ability to drive strong top-line and bottom-line growth.”
“Adobe delivered another quarter of record revenue in Q3,” said John Murphy, executive vice president and CFO, Adobe. “Highlights include 24 percent year-over-year total revenue growth, strong subscription revenue performance and operating margin expansion.”