J. C. Penney Company, Inc. Announces Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended Aug. 2, 2014; Provides Earnings Guidance Third Quarter and Full-Year of 2014
Aug 14 14
J. C. Penney Company, Inc. announced unaudited consolidated financial results for the second quarter and six months ended Aug. 2, 2014. For the quarter, the company reported net sales of $2.80 billion compared to $2.66 billion in the second quarter of 2013. Operating loss was $70 million against $395 million a year ago. Loss before income taxes was $176 million against $604 million a year ago. Net loss was $172 million against $586 million a year ago. Loss per basic and diluted share was $0.56 against $2.66 a year ago. Net cash provided by operating activities was $137 million against net cash used in operating activities of $708 million a year ago. Capital expenditures were $61 million against $439 million a year ago. Non-GAAP EBITDA was $90 million against non-GAAP LBITDA of $252 million a year ago. Non-GAAP adjusted EBITDA was $39 million against non-GAAP adjusted LBITDA of $242 million a year ago. Non-GAAP adjusted operating loss was $121 million against $385 million a year ago. Free cash flow for the quarter was a positive $76 million, representing an over $1.2 billion improvement from the same period last year. This improvement was operationally driven by significant improvement in the profitability of business and strong inventory management.
For the six months, the company reported total net sales of $5,600 million against $5,298 million a year ago. Operating loss was $317 million against $881 million a year ago. Loss before income taxes was $520 million against $1,151 million a year ago. Net loss was $524 million against $934 million a year ago. Loss per basic and diluted share was $1.72 against $4.24 a year ago. Net cash used in operating activities was $134 million against $1,460 million a year ago. Capital expenditures were $141 million against $653 million a year ago. Non-GAAP EBITDA was $1 million against non-GAAP LBITDA of $602 million a year ago. Adjusted EBITDA Non-GAAP adjusted EBITDA was $45 million against non-GAAP adjusted LBITDA of $495 million a year ago. Non-GAAP adjusted operating loss was $363 million against $774 million a year ago.
The company's guidance for the third quarter of 2014 is: Comparable store sales: expected to increase mid-single digits and gross margin: expected to be in-line with second quarter of 2014, approximately 650 basis points of improvement over third quarter of last year.
The company's updated 2014 full-year guidance is: Comparable store sales: expected to increase mid-single digits; Gross margin: expected to improve significantly versus 2013; Free cash flow: expected to be positive; Capital expenditures: expected to be approximately $250 million; and depreciation and amortization: expected to be approximately $640 million.
J. C. Penney to Open First-Ever Store in Brooklyn
Aug 5 14
J. C. Penney Company, Inc. announced that it is opening its first-ever store in Brooklyn, further increasing its New York City footprint. Located in phase two of Gateway Center, the all-new store will feature the most sought after collection of brands, as well as unique design elements and innovative features not found in any other JCPenney store. Upon entering the store, customers will discover the best and most compelling mix of brands such as Worthington (R), Stafford(R) and The Original Arizona Jean Co.(R); trusted national brands like Levi's(R), Disney(R) and Nike(R); and unique exclusive brands such as Liz Claiborne(R), MNG by Mango(R) and THE BODY by Elle Macpherson Intimates (TM). The Brooklyn store will also feature a full-service Sephora inside JCPenney, the ultimate beauty destination. Located prominently within the center of the store, the 2,200-square-foot beauty paradise will offer a wide assortment of makeup, skincare, fragrance, bath and accessory products in an open-sell environment. Customers are encouraged to touch, smell and sample products while specially trained beauty consultants offer a completely non-biased approach when recommending brands. The 124,000-square-foot, single-level store's exterior incorporates clean lines, large glass panels, red accents and the unmistakable JCPenney logo for a contemporary look. The large main entrance leads to an environment that is distinctly JCPenney, yet uniquely Brooklyn. Large murals of Brooklyn landmarks, polished concrete floors and sleek finishing touches complement the store's modern interior design.
J. C. Penney Company, Inc. to Report Q2, 2015 Results on Aug 14, 2014
Jul 31 14
J. C. Penney Company, Inc. announced that they will report Q2, 2015 results at 4:00 PM, US Eastern Standard Time on Aug 14, 2014