J. C. Penney Company, Inc. announced that its comparable store sales for the combined nine-week period ending December 30, 2017 increased 3.4 % over the same period last year. The Company also reaffirmed all components of its most recent full-year financial guidance for fiscal 2017. "We are very encouraged with our overall comp sales performance during the holiday season, which was led by home, beauty and fine jewelry. Additionally, our apparel categories continue to demonstrate improved comp performance, particularly in women's and kids. We are also pleased by our e-commerce business that continues to outpace prior year results with double-digit sales growth, largely driven by sought-after gifting categories such as fine jewelry, home decor and luggage, toys, boots and athletic footwear. Our ability to execute e-commerce fulfillment from 100% of our brick and mortar stores helped fuel the growth in e-commerce for the holiday season. We remain confident that our strategic initiatives are taking hold and resonating with customers," said Marvin R. Ellison, chairman and chief executive officer of JCPenney. Click Read More below for additional information.
Chico’s FAS, Inc. (NYSE: CHS) today announced its financial results for the fiscal 2017 fourth quarter and fiscal year ended February 3, 2018.
For the fourteen weeks ended February 3, 2018 (“the fourth quarter”), the Company reported net income of $28.0 million, or $0.22 per diluted share, compared to net income of $13.5 million, or $0.10 per diluted share, for the thirteen weeks ended January 28, 2017 (“last year’s fourth quarter”). Results for the fourth quarter include the favorable impact of the Tax Cuts and Jobs Act of 2017 (“U.S. tax reform”) of approximately $10 million after-tax, or $0.08 per diluted share, as well as the benefit of the 53rd week of approximately $4 million after-tax, or $0.03 per diluted share.
For the fifty-three weeks ended February 3, 2018 (“fiscal 2017”), the Company reported net income of $101.0 million, or $0.79 per diluted share, compared to net income of $91.2 million, or $0.69 per diluted share, for the fifty-two weeks ended January 28, 2017 (“fiscal 2016”). Results for fiscal 2017 include the favorable impact of U.S. tax reform of approximately $10 million after-tax, or $0.08 per diluted share, as well as the benefit of the 53rd week of approximately $4 million after-tax, or $0.03 per diluted share. Results for fiscal 2016 include the unfavorable impact of restructuring and strategic charges and Boston Proper of $15.4 million after-tax, or $0.12 per diluted share.
“Our fourth quarter results exceeded expectations and demonstrate clear progress in the execution of our strategic initiatives to drive improved performance and value creation,” said Shelley Broader, CEO and President. “In 2017, we strengthened our brands’ positioning, enhanced the customer experience, maintained financial discipline and built a solid foundation for our next stage of profitable growth. We are excited about our sales-driving initiatives for 2018, and we are confident in our continued success.”
For the fourth quarter, net sales were $587.8 million compared to $600.8 million in last year’s fourth quarter. This decrease of 2.2% primarily reflects a comparable sales decline of 5.2% as well as a decrease in selling square footage in fiscal 2017, partially offset by the $29 million benefit of the 53rd week. The comparable sales decline consisted of lower average dollar sale and flat transaction count.
For fiscal 2017, net sales were $2.3 billion compared to $2.5 billion in fiscal 2016. This decrease of 7.8% primarily reflects a comparable sales decline of 7.7% as well as a decrease in selling square footage in fiscal 2017, partially offset by the $29 million benefit of the 53rd week. The comparable sales decline consisted of lower average dollar sale and a decline in transaction count.
For the fourth quarter, gross margin was $221.6 million, or 37.7% of net sales, compared to $213.4 million, or 35.5% of net sales, in last year’s fourth quarter. This 220 basis point increase primarily reflects a 170 basis point improvement in merchandise margin driven by lower average unit costs and a reduction in store occupancy costs.
more detail at: http://chicosfas.com/investors/press-releases/press-release-details/2018/Chicos-FAS-Inc-Reports-Fourth-Quarter-and-Fiscal-Year-2017-Results/default.aspx