J. C. Penney Company, Inc. announced financial results for its fiscal third quarter ended Oct. 28, 2017. Total net sales decreased (1.8) % to $2.81 billion in the third quarter compared to $2.86 billion in the same period last year, primarily the result of the 139 stores closed this year through the end of the third quarter. Comparable sales increased 1.7 % for the third quarter, resulting in a positive two-year stack of 0.9 %. For the third quarter, the Company's net loss was ($128) million, or ($0.41) per share, compared to a net loss of ($67) million, or ($0.22) per share in the same period last year. This reduction was driven in large part by increased cost of goods sold, restructuring charges associated with the store closures and a charge related to settlement accounting on the Company's pension plan. Click Read More below for additional information.
Kohl’s Corporation (NYSE:KSS) today reported comparable sales for November and December 2018 combined (the “Holiday period”). On a shifted basis, which compares the nine weeks ended January 5, 2019 and January 6, 2018, comparable sales for the Holiday period increased 1.2%
“We are delighted with our 1.2% shifted comparable sales increase for the Holiday period, which builds on the positive momentum we have achieved throughout the year,” said Michelle Gass, Kohl’s chief executive officer. “The organization once again delivered a very strong holiday that topped last year’s exceptional holiday season. The strong performance we achieved this holiday reflects the compelling product offering, great marketing strategy, and consistent execution in stores and online. We are particularly pleased with the positive transaction growth and the double-digit digital growth we experienced this holiday, as our customers continue to embrace the omnichannel investments we are making.”
Gass continued, “I want to thank all of our teams across the Company who created and executed a great holiday plan and a wonderful experience for our customers.”
Based on the strong Holiday sales performance, the Company now expects its fiscal 2018 diluted earnings per share to be $5.50 to $5.55, compared to its prior guidance of $5.35 to $5.55. This guidance excludes the debt extinguishment charge of $42 million, or $0.19 per diluted share, which was recorded in the first quarter of fiscal 2018. It also excludes other non-recurring charges the Company anticipates recording related to the voluntary debt redemption announced in December 2018 and actions to be taken in the fourth quarter as part of the Company’s operational excellence initiatives.