J. C. Penney Company, Inc. announced unaudited consolidated earnings results for the first quarter ended May 4, 2013. For the quarter, the company reported total net sales of $2,635 million compared to $3,152 million a year ago. Operating loss was $486 million compared to $226 million a year ago. Loss before income taxes was $547 million compared to $282 million a year ago. Net loss was $348 million or $1.58 per basic and diluted share compared to $163 million or $0.75 per basic and diluted share a year ago. Net cash used in operating activities was $752 million compared to $577 million a year ago. Capital expenditures were $214 million compared to $107 million a year ago. Adjusted operating loss was $389 million compared to $48 million a year ago. Adjusted net loss was $289 million or $1.31 per diluted share compared to $55 million or $0.25 per diluted share a year ago. Total debt at the end of the quarter was $3.826 billion including $850 million outstanding on the revolving credit facility, long-term debt of $2.868 billion and capital leases and notes payable of $108 million.

J. C. Penney Company, Inc. provided earnings guidance for first quarter ended May 4, 2013. For the first quarter of fiscal year 2013, the company expected total sales of approximately $2.635 billion, a decrease of approximately 16.4% from $3.152 billion in the same period last year, and a comparable store sales decrease of approximately 16.6% for the quarter compared to the same period last year. The sales decline in the first quarter is partially attributable to construction activities in connection with the transformation of the home departments in 505 stores. The company noted that results for the quarter also reflect its prior pricing and marketing strategies, which are being changed under new leadership. Total debt is expected to be approximately $3.818 billion as of May 4, 2013, including amounts outstanding on the revolving credit facility of $850 million, long-term debt of $2.868 billion, and capital leases and notes payable of $100 million.

J. C. Penney Company, Inc. announced that they will report Q1, 2013 results at 4:30 PM, US Eastern Standard Time on May 16, 2013