J. C. Penney Company, Inc. Announces Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended November 1, 2014; Provides Earnings Guidance for the Fourth Quarter and Year 2014
Nov 12 14
J. C. Penney Company, Inc. announced unaudited consolidated financial results for the third quarter and nine months ended November 1, 2014. For the quarter, the company reported total net sales of $2.764 billion compared to $2.779 billion a year ago. Operating loss was $54 million against $401 million a year ago. Loss before income taxes was $191 million against $500 million a year ago. Net loss was $188 million against $489 million a year ago. Loss per basic and diluted share was $0.62 against $1.94 a year ago. Net cash used in operating activities was $320 million against net cash used in operating activities of $737 million a year ago. Capital expenditures were $61 million against $161 million a year ago. Non-GAAP adjusted EBITDA was $25 million against non-GAAP LBITDA of $193 million a year ago. Non-GAAP adjusted operating loss was $131 million against $354 million a year ago. Adjusted net loss was $235 million or $0.77 per diluted share against $457 million or $1.81 per diluted share a year ago.
For the nine months, the company reported total net sales of $8,364 million against $8,077 million a year ago. Operating loss was $371 million against $1,282 million a year ago. Loss before income taxes was $711 million against $1,651 million a year ago. Net loss was $712 million against $1,423 million a year ago. Loss per basic and diluted share was $2.33 against $6.17 a year ago. Net cash used in operating activities was $454 million against $2,197 million a year ago. Capital expenditures were $202 million against $814 million a year ago. Non-GAAP adjusted LBITDA was $20 million against $688 million a year ago. Non-GAAP adjusted operating loss was $494 million against $1,128 million a year ago. Adjusted net loss was $816 million or $2.67 per diluted share against $1,223 million or $5.30 per diluted share a year ago.
The company’s guidance for the fourth quarter of 2014 is as follows: comparable store sales are expected to increase 2 % to 4 %; gross margin is expected to increase 500 to 600 basis points versus last year; and
The company’s updated 2014 full-year guidance is as follows: comparable store sales are expected to be 3.5 % to 4.5 %; gross margin is expected to be 500 to 600 basis points above last year; free cash flow is expected to be positive; capital expenditures are expected to be approximately $250 million; and depreciation and amortization is expected to be approximately $640 million.
JCPenney Launches New Modern Bride Signature Collection
Nov 12 14
JCPenney has launched Modern Bride Signature Collection, a new diamond engagement rings. This elevated line of engagement and wedding rings offers more than 20 styles with sophisticated designs that cater to today's bride. JCPenney has also launched the Modern Bride Diamond Vault experience on jcpenney.com, enabling customers to create an original piece of custom jewelry from a vast selection of fine, loose diamonds. Two interlocking infinity symbols embrace the blue diamond, creating a personal symbol of everlasting love. The Modern Bride concept first launched inside the Fine Jewelry Store at JCPenney in 2011 as a result of a unique collaboration with Conde Nast. Since its inception, Modern Bride has been devoted to providing a special shopping experience catering to today's bridal customer. Various brands available through Modern Bride offer engagement rings at an average retail price of $1,000. With most styles retailing from $2,500 to $10,000 within the Modern Bride Signature Collection, JCPenney is entering a higher market tier within the bridal business. The Modern Bride Diamond Vault experience on jcpenney.com gives customers access to a vast selection of diamonds available in a variety of shapes, sizes and styles to create the perfect ring, pendant or earrings. Customers can hand-select their diamonds - a solitaire or multi-stone design -- and then choose their favorite setting, which comes in platinum, white and yellow gold. The Modern Bride Diamond Vault also features a resource guide with helpful information on how to distinguish a diamond's quality by evaluating the range of cuts, clarity, colors and carat weight. The fine jewelry professionals at JCPenney are specially trained on the quality and characteristics of gemstones, diamonds and precious metals. As part of their education, associates receive dedicated diamond training on the integrity, grading and analysis of these precious stones. All diamonds in the Modern Bride Signature collection are certified by the Independent Gemological Laboratories, which uses a scientific system to evaluate a diamond's cut and then issues a certificate documenting the characteristics of the stone. Whether it's an engagement ring or anniversary pendant, customers can feel confident in the extensive product knowledge and background of the Modern Bride professional assisting with their purchase.
J.C. Penney at Regency Mall to Close in 2015
Nov 4 14
The JCPenney announced the store closure in Racine's Regency Mall.