JCPenney Reports Third Quarter 2018 Financial Results

J. C. Penney Company, Inc. (NYSE: JCP) today announced financial results for its fiscal third quarter ended Nov. 3, 2018.Comparable sales decreased 5.4 % for the third quarter. Net loss for the quarter was $151 million or ($0.48) per share.

Jill Soltau, chief executive officer, said, “I am excited to be at JCPenney, and having been in the office for a month now, I am encouraged by the many opportunities I see. Our objective to put JCPenney back on a path to profitable growth is clear. In the coming weeks and months, I will continue to meet with and learn from our teams throughout the entire organization – talking with them about what we’re doing that’s working well and, most importantly, what we can do to address our opportunities.”

Soltau continued, “In spite of our overall sales results, I am encouraged by the recent underlying trends in key businesses such as women’s apparel, active, special sizes and fine jewelry. We are making progress and taking the necessary steps to right-size our inventory positions to better support the brands and categories that are demonstrating profitable sales growth. While restoring JCPenney to sustained profitable growth will be a lengthy process, I understand the need for quick action. My commitment is that we will make sound, strategic decisions backed by data, and will always be rooted in delivering on our customers’ wants and expectations. We will act swiftly but thoughtfully as we move the business forward. While these things take time, the results we are reporting today only strengthen our sense of urgency and purpose.”

For the third quarter ended Nov. 3, 2018, total net sales decreased 5.8 % to $2.65 billion compared to $2.82 billion for the third quarter ended Oct. 28, 2017. Comparable sales decreased 5.4 % for the third quarter on an unshifted basis. Reflecting the calendar shift in 2018 due to the 53rd week in 2017, comparable sales decreased 4.5 %. Credit income, which was previously reflected as a reduction to SG&A, was $80 million for the third quarter this year compared to $69 million in the third quarter last year.

For the third quarter, the Company’s net loss was $151 million, or ($0.48) per share, compared to a net loss of $125 million, or ($0.40) per share in the same period last year.
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