j.c. penney co inc (JCP) Key Developments
J. C. Penney Company, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended Jan. 31, 2015; Provides Financial Guidance for 2015
Feb 26 15
J. C. Penney Company, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended Jan. 31, 2015. For the quarter, the company reported total net sales of $3,893 million against $3,782 million a year ago. Operating income was $63 million against operating loss of $138 million a year ago. Loss before income tax was $37 million against $235 million a year ago. Net loss was $59 million or $0.19 per basic and diluted share against net income of $35 million or $0.11 per basic and diluted share a year ago. Net cash provided by operating activities was $693 million against $383 million a year ago. Capital expenditures were $50 million against $137 million a year ago. EBITDA (non-GAAP) was $220 million against $23 million a year ago. Adjusted EBITDA (non-GAAP) was $262 million against $52 million a year ago.
For the year, the company reported total net sales of $12,257 million against $11,859 million a year ago. Operating loss was $308 million against $1,420 million a year ago. Loss before income tax was $748 million against $1,886 million a year ago. Net loss was $771 million or $2.53 per basic and diluted share against $1,388 million or $5.57 per basic and diluted share a year ago. Net cash provided by operating activities was $239 million against net cash used in operating activities of $1,814 million a year ago. Capital expenditures were $252 million against $951 million a year ago. EBITDA (non-GAAP) was $323 million against LBITDA (non-GAAP) of $819 million a year ago. Adjusted EBITDA (non-GAAP) was $242 million against adjusted LBITDA (non-GAAP) of $636 million a year ago. Adjusted net loss (non-GAAP) was $816 million or $2.67 per diluted share against $1,431 million or $5.74 per diluted share a year ago.
For the full year of 2015, comparable store sales are expected to increase 3% to 5%. Gross margin is expected to improve 50 to 100 basis points versus 2014. Depreciation and amortization are expected approximately $615 million. Interest expense is expected approximately $415 million. Free cash flow is expected to be flat.
J. C. Penney Company, Inc. Plans to Open 25 Additional Locations in 2015
Feb 26 15
J. C. Penney Company, Inc. announced that it is planning to open 25 additional locations in 2015. In addition, JCPenney, which carries an exclusive assortment of Disney merchandise, is capitalizing on the success of its Disney-branded Shops inside JCPenney by opening an additional 100 locations by back-to-school 2015, bringing the total to nearly 700 locations.
N.Y. Court Revives Macy's Claims against JC Penney on Martha Stewart Deal
Feb 26 15
A New York state appeals court has revived two claims accusing JC Penney Co Inc. of interfering improperly with a merchandising contract between Macy's Inc. and Martha Stewart Living Omnimedia Inc. In a decision on February 26, 2015, the appeals court said a lower court judge erred last June in dismissing Macy's claims that J C Penney breached the confidentiality provisions of its contract with Martha Stewart, and that the alleged interference amounted to unlawful competition. The appeals court let stand the judge's findings that J C Penney violated the 'exclusivity' provision of the contract, and that Macy's was not entitled to punitive damages. At issue was a 2011 agreement between J C Penney and Martha Stewart to sell a line of home goods bearing the name of the homemaking doyenne. Macy's claimed this violated an agreement it had struck five years earlier to sell similar products.
JCPenney Collaborates with InStyle to Launch New Salon Concept
Feb 20 15
JCPenney has announced collaboration with the editors of InStyle to launch The Salon by InStyle, a new salon concept. The company will begin its salon transformation by piloting 15 locations this summer before implementing a nationwide rebranding in 2016. The Salon by InStyle concept will deliver a superior approach to professional hair care that resonates with new and younger customers who identify with the fashion, hair and beauty trends curated by InStyle. The Salon by InStyle will debut at 15 locations across Chicago, Dallas, Miami and Los Angeles. The design concept will reflect a contemporary environment, including modern wall textures and colors. Two of the salons, located in Dallas and Los Angeles, have been designated as locations and will undergo complete renovations featuring new equipment, furniture and decor. These newly revamped sites will serve as the prototypes for the remaining salons, which will receive updates beginning in 2016.
J. C. Penney Company, Inc. to Report Q4, 2015 Results on Feb 26, 2015
Feb 10 15
J. C. Penney Company, Inc. announced that they will report Q4, 2015 results at 4:00 PM, US Eastern Standard Time on Feb 26, 2015