J. C. PENNEY COMPANY, INC. REPORTS HOLIDAY UPDATE AND PLANS TO DELIVER POSITIVE FREE CASH FLOW IN FISCAL 2015
January 07 2016 - 06:55AM
Comparable store
sales up 3.9% for the combined November/December period
PLANO, Texas
- (Jan. 7, 2016) - J. C.
Penney Company, Inc. (NYSE: JCP) today announced that its
comparable store sales for the combined nine-week November and
December period resulted in a 3.9 percent increase over the same
period last year, which equates to a 7.6 percent two-year stack of
comparable store sales for the same time period. The Company also
reaffirmed its full-year adjusted EBITDA target of $645 million and
plans to generate positive free cash flow in fiscal 2015.
"Despite unprecedented warm
weather that significantly affected apparel sales across the
Company, our focus on private brands, enhanced omnichannel
execution and compelling gift giving selection resulted in strong
holiday sales. I am especially pleased with the accelerated comp
sales improvement from November to December, including record
online sales for the Company during the holiday season," said
Marvin R. Ellison, chief executive officer of JCPenney.
"Although we have much work to do,
our strengthened omnichannel capabilities enabled our supply chain
network to process millions of jcp.com orders this season,
supported by 250 stores across the country that helped fulfill
online orders using in-store inventory. With this level of
selection, we saw more online customers take advantage of our
in-store pick up option available at over 1,000 JCPenney stores
nationwide. We look forward to capitalizing on this digital
progress through 2016," Ellison added.
The Company will report its fourth
quarter and fiscal 2015 results on Feb. 26.
JCPenney Media
Relations
(972)431-3400
or jcpnews@jcp.com
Visit jcpnewsroom.com to access company releases, images and store
b-roll. Also, follow @jcpnews on Twitter for the latest company
news and information.
JCPenney Investor
Relations
(972)431-5500 or jcpinvestorrelations@jcp.com
About
JCPenney
J. C. Penney Company, Inc. (NYSE: JCP), one of the nation's largest
apparel and home furnishing retailers, is dedicated to fitting the
diversity of America with unparalleled style, quality and value.
Across approximately 1,020 stores and at jcpenney.com, customers
will discover a broad assortment of national, private and exclusive
brands to fit all shapes, sizes, occasions and budgets. For more
information, please visit jcpenney.com.
Forward-Looking
Statements
This release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Words such as "expect" and similar expressions identify
forward-looking statements, which include, but are not limited to,
statements regarding sales, gross margin, selling, general and
administrative expenses, earnings and cash
flows. Forward-looking statements are based only on the
Company's current assumptions and views of future events and
financial performance. They are subject to known and unknown risks
and uncertainties, many of which are outside of the Company's
control that may cause the Company's actual results to be
materially different from planned or expected results. Those risks
and uncertainties include, but are not limited to, general economic
conditions, including inflation, recession, unemployment levels,
consumer confidence and spending patterns, credit availability and
debt levels, changes in store traffic trends, the cost of goods,
more stringent or costly payment terms and/or the decision by a
significant number of vendors not to sell us merchandise on a
timely basis or at all, trade restrictions, the ability to monetize
non-core assets on acceptable terms, the ability to implement our
strategic plan including our omnichannel initiatives, customer
acceptance of our strategies, our ability to attract, motivate and
retain key executives and other associates, the impact of cost
reduction initiatives, our ability to generate or maintain
liquidity, implementation of new systems and platforms including
EMV chip technology, changes in tariff, freight and shipping rates,
changes in the cost of fuel and other energy and transportation
costs, disruptions and congestion at ports through which we import
goods, increases in wage and benefit costs, competition and retail
industry consolidations, interest rate fluctuations, dollar and
other currency valuations, the impact of weather conditions, risks
associated with war, an act of terrorism or pandemic, the ability
of the federal government to fund and conduct its operations, a
systems failure and/or security breach that results in the theft,
transfer or unauthorized disclosure of customer, employee or
Company information, legal and regulatory proceedings and the
Company's ability to access the debt or equity markets on favorable
terms or at all. There can be no assurances that the Company
will achieve expected results, and actual results may be materially
less than expectations. Please refer to the Company's most
recent Form 10-Q for a further discussion of risks and
uncertainties. Investors should take such risks into account and
should not rely on forward-looking statements when making
investment decisions. Any forward-looking statement made by us in
this press release is based only on information currently available
to us and speaks only as of the date on which it is made. We
do not undertake to update these forward-looking statements as of
any future date.
###
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: J. C. Penney Company, Inc. via Globenewswire
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