Gross Margin
Increases 10 basis points
Company Taking
Actions to Strengthen Balance Sheet Through Planned Retirement of
$520 million in Outstanding Debt
PLANO, Texas -
(May 12, 2017) - J. C. Penney Company, Inc. (NYSE: JCP) today
announced financial results for its fiscal first quarter ended Apr.
29, 2017.
Marvin R. Ellison, Chairman and
Chief Executive Officer said, "We continue to make encouraging
progress in the Company's competitive and financial position
despite our top-line performance during the first quarter. While
February was a very challenging month for JCPenney and broader
retail, we are pleased with our comp store sales for the combined
March and April period, which improved significantly versus
February. The recent sales trends, combined with the
improvement in women's apparel and our growth initiatives led by
Sephora inside JCPenney, jcp.com and major appliances, provide us
with the confidence to maintain our sales guidance for the full
year. Additionally, our investment in pricing and
merchandising systems allowed us to deliver a 10 basis point
increase in gross margin over last year, in light of the growth in
appliances and e-commerce. Also, through our de-leveraging
efforts and improved financial condition, we earned yet another
credit rating upgrade this quarter. Our teams remain
committed to executing on our strategic growth initiatives, and we
are confident in our ability to drive sustainable growth and
long-term profitability for JCPenney."
The Company reported net sales of
$2.7 billion in the first quarter of 2017 compared to $2.8 billion
last year. Comparable store sales were (3.5) % for the
quarter.
Home, Sephora, Fine Jewelry and
Salon all comped positively, and were the Company's top performing
divisions during the quarter. Geographically, the Southwest and
Southeast were the best performing regions of the country.
For the first quarter, gross
margin was 36.3 % of sales, an increase of 10 basis points compared
to the first quarter last year. Gross margin was positively
impacted by improved selling margins throughout the quarter, which
was partially offset by the continued growth in the Company's
online and major appliance businesses.
SG&A expenses for the quarter
declined $29 million to $843 million, or 31.2 % of sales.
These savings were primarily driven by lower marketing, store
controllable costs and incentive compensation.
For the first quarter, the
Company's net loss was $180 million, or ($0.58) per share.
This includes the following items:
- $220 million, or approximately
($0.71) per share, of restructuring charges associated with our
store closing announcement and voluntary early retirement
program;
- $17 million, or approximately
$0.06 per share, of benefit from the tax impact from other
comprehensive income allocation and other; and
- $4 million, or approximately
$0.01 per share, of benefit from primary pension plans.
Adjusted net income improved $116
million, or $0.38 per share, to $0.06 per share for the first
quarter this year compared to a net loss of $97 million, or ($0.32)
per share, last year. Adjusted net income for the first
quarter of 2017 and 2016 includes the sale of operating assets,
which totaled $117 million and $8 million, respectively. A
reconciliation of GAAP to non-GAAP financial measures is included
in the schedules accompanying the consolidated financial statements
in this release.
EBITDA was $40 million for the
first quarter 2017 compared to $176 million for the same period
last year. Adjusted EBITDA for the quarter improved $102
million or 67 % to $255 million compared to the first quarter last
year.
Inventory at the end of the first
quarter 2017 was $2.95 billion, an increase of 0.8 % compared to
the end of the first quarter last year. Approximately 300
basis points of the increase was driven by floor samples for
appliance showrooms and higher inventory levels to support the
Company's continued investment in new Sephora
shops.
The Company completed the sale of
its Buena Park distribution facility in March for a net sales price
of approximately $131 million and recorded a net gain of
approximately $111 million in the first quarter associated with the
sale of this facility.
Cash and cash equivalents at the
end of the first quarter were $363 million. During the
quarter, the Company utilized available cash on hand to retire $220
million of outstanding bonds that matured in April. As
previously announced earlier this week, the Company launched cash
tender offers to purchase up to $300 million aggregate principal
amount on portions of its 2018 and 2019 outstanding bonds.
The Company ended the quarter with a liquidity position of
approximately $2.4 billion.
In March, Standard & Poor's
Rating Services upgraded the Company's credit rating one notch to
B+ and affirmed their positive outlook on the Company.
Outlook
The Company reaffirmed its 2017
full year guidance. As a reminder, fiscal 2017 is a 53-week
year which has been incorporated into the full year guidance, with
the exception of comparable store sales which are calculated on
comparable 52-week basis. The following guidance also
includes the expected impact of the Company's previously announced
store closures. The fiscal 2017 full year guidance is
reaffirmed as follows:
-
Comparable store sales: expected to be
-1% to +1%;
-
Gross margin: expected to be up 20 to
40 basis points versus 2016;
-
SG&A dollars: expected to be down 1
to 2% versus 2016;
-
Adjusted earnings per share1: expected to
be $0.40 to $0.65.
1 A
reconciliation of non-GAAP forward-looking projections to GAAP
financial measures is not available as the nature or amount of
potential adjustments, which may be significant, cannot be
determined at this time.
First Quarter
Earnings Conference Call Details
At 8:30 a.m. ET today, the Company will host a live conference call
conducted by chairman and chief executive officer Marvin R. Ellison
and chief financial officer Ed Record. Management will
discuss the Company's performance during the quarter and take
questions from participants. To access the conference call,
please dial (844) 243-9275, or (225) 283-0394 for international
callers, and reference 15893982 conference ID or visit the
Company's investor relations website at
http://ir.jcpenney.com. Supplemental slides will be available
on the Company's investor relations website approximately 10
minutes before the start of the conference call.
Telephone playback will be
available for seven days beginning approximately two hours after
the conclusion of the conference call by dialing (855) 859-2056, or
(404) 537-3406 for international callers, and referencing 15893982
conference ID.
Investors and others should note
that we currently announce material information using SEC filings,
press releases, public conference calls and webcasts. In the
future, we will continue to use these channels to distribute
material information about the Company and may also utilize our
website and/or various social media to communicate important
information about the Company, key personnel, new brands and
services, trends, new marketing campaigns, corporate initiatives
and other matters. Information that we post on our website or
on social media channels could be deemed material; therefore, we
encourage investors, the media, our customers, business partners
and others interested in our Company to review the information we
post on our website as well as the following social media
channels:
Facebook
(https://www.facebook.com/jcp) and Twitter
(https://twitter.com/jcpnews).
Any updates to the list of social
media channels we may use to communicate material information will
be posted on the Investor Relations page of the Company's website
at www.jcpenney.com.
Media
Relations:
(972) 431-3400 or jcpnews@jcp.com; Follow us @jcpnews
Investor Relations:
(972) 431-5500 or jcpinvestorrelations@jcpenney.com
About
JCPenney:
J. C. Penney Company, Inc. (NYSE:JCP), one of the nation's largest
apparel and home furnishings retailers, is on a mission to ensure
every customer's shopping experience is worth her time, money and
effort. Whether shopping jcp.com or visiting one of over 1,000
store locations across the United States and Puerto Rico, she will
discover a broad assortment of products from a leading portfolio of
private, exclusive and national brands. Supporting this value
proposition is the warrior spirit of over 100,000 JCPenney
associates worldwide, who are focused on the Company's three
strategic priorities of strengthening private brands, becoming a
world-class omnichannel retailer and increasing revenue per
customer. For additional information, please visit
jcp.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, 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-K 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.
###
J. C. PENNEY
COMPANY, INC.
SUMMARY OF OPERATING RESULTS
(Unaudited)
(Amounts in millions except per share data)
|
Three Months
Ended |
|
Statements of Operations: |
April 29, 2017 |
|
April 30, 2016 |
|
% Inc. (Dec.) |
|
Total net sales |
$ |
2,706 |
|
|
$ |
2,811 |
|
|
(3.7 |
)% |
|
Cost
of goods sold |
1,723 |
|
|
1,793 |
|
|
(3.9 |
)% |
|
Gross margin |
983 |
|
|
1,018 |
|
|
(3.4 |
)% |
|
Operating expenses/(income): |
|
|
|
|
|
|
Selling, general and administrative (SG&A) |
843 |
|
|
872 |
|
|
(3.3 |
)% |
|
Pension |
(2 |
) |
|
2 |
|
|
(100.0 |
)% |
+ |
Depreciation and amortization |
145 |
|
|
154 |
|
|
(5.8 |
)% |
|
Real
estate and other, net |
(118 |
) |
|
(38 |
) |
|
100.0 |
% |
+ |
Restructuring and management transition |
220 |
|
|
6 |
|
|
100.0 |
% |
+ |
Total
operating expenses |
1,088 |
|
|
996 |
|
|
9.2 |
% |
|
Operating income/(loss) |
(105 |
) |
|
22 |
|
|
(100.0 |
)% |
+ |
(Gain)/loss on extinguishment of debt |
- |
|
|
(4 |
) |
|
(100.0 |
)% |
+ |
Net interest expense |
87 |
|
|
95 |
|
|
(8.4 |
)% |
|
Income/(loss) before income taxes |
(192 |
) |
|
(69 |
) |
|
100.0 |
% |
+ |
Income tax expense/(benefit) (1) |
(12 |
) |
|
(1 |
) |
|
100.0 |
% |
+ |
Net
income/(loss) |
$ |
(180 |
) |
|
$ |
(68 |
) |
|
100.0 |
% |
+ |
|
|
|
|
|
|
|
Earnings/(loss) per share - basic and diluted |
$ |
(0.58 |
) |
|
$ |
(0.22 |
) |
|
100.0 |
% |
+ |
|
|
|
|
|
|
|
Financial Data: |
|
|
|
|
|
|
Comparable store sales increase/(decrease)
(2) |
(3.5 |
)% |
|
(0.4 |
)% |
|
|
|
Ratios
as a percentage of sales: |
|
|
|
|
|
|
Gross margin |
36.3 |
% |
|
36.2 |
% |
|
|
|
SG&A expenses |
31.2 |
% |
|
31.0 |
% |
|
|
|
Total operating expenses |
40.2 |
% |
|
35.4 |
% |
|
|
|
Operating income/(loss) |
(3.9 |
)% |
|
0.8 |
% |
|
|
|
Effective income tax rate (1) |
(6.3 |
)% |
|
(1.4 |
)% |
|
|
|
|
|
|
|
|
|
|
Common Shares Data: |
|
|
|
|
|
|
Issued
and outstanding shares at end of period |
309.8 |
|
|
307.3 |
|
|
|
|
Weighted average shares - basic |
309.6 |
|
|
307.2 |
|
|
|
|
Weighted average shares - diluted |
309.6 |
|
|
307.2 |
|
|
|
|
-
For the three months ended
April 29, 2017 and April 30, 2016, the Company increased its net
valuation allowance by $64 million and $13 million, respectively,
against certain federal and state net operating loss carry forward
assets.
-
Comparable store sales include
sales from all stores, including sales from services and
commissions earned from our in-store licensed departments, that
have been open for 12 consecutive full fiscal months and Internet
sales. Stores closed for an extended period are not included
in comparable store sales calculations, while stores remodeled and
minor expansions not requiring store closure remain in the
calculations. Certain items, such as sales return estimates
and store liquidation sales, are excluded from the Company's
calculation. Our definition and calculation of comparable store
sales may differ from other companies in the retail
industry.
SUMMARY BALANCE
SHEETS
(Unaudited)
(Amounts in millions)
Summary Balance Sheets: |
April 29, 2017 |
|
April 30, 2016 |
Current assets: |
|
|
|
Cash
in banks and in transit |
$ |
157 |
|
|
$ |
166 |
|
Cash short-term investments |
206 |
|
|
249 |
|
Cash
and cash equivalents |
363 |
|
|
415 |
|
Merchandise inventory |
2,949 |
|
|
2,925 |
|
Prepaid expenses and other |
228 |
|
|
227 |
|
Total current assets |
3,540 |
|
|
3,567 |
|
Property and equipment, net |
4,437 |
|
|
4,735 |
|
Other assets |
610 |
|
|
593 |
|
Total assets |
$ |
8,587 |
|
|
$ |
8,895 |
|
|
|
|
|
Liabilities and stockholders' equity |
|
|
|
Current liabilities: |
|
|
|
Merchandise accounts payable |
$ |
893 |
|
|
$ |
995 |
|
Other accounts payable and accrued expenses |
1,035 |
|
|
1,125 |
|
Current portion of capital leases, financing obligation and note
payable |
12 |
|
|
17 |
|
Current maturities of long-term debt |
307 |
|
|
321 |
|
Total
current liabilities |
2,247 |
|
|
2,458 |
|
Long-term capital leases, financing obligation and
note payable |
217 |
|
|
7 |
|
Long-term debt |
4,066 |
|
|
4,388 |
|
Deferred taxes |
203 |
|
|
194 |
|
Other
liabilities |
649 |
|
|
598 |
|
Total liabilities |
7,382 |
|
|
7,645 |
|
Stockholders' equity |
1,205 |
|
|
1,250 |
|
Total liabilities and
stockholders' equity |
$ |
8,587 |
|
|
$ |
8,895 |
|
SUMMARY STATEMENTS
OF CASH FLOWS
(Unaudited)
(Amounts in millions)
|
Three Months
Ended |
Statements of Cash Flows: |
April 29, 2017 |
|
April 30, 2016 |
Cash flows from operating activities: |
|
|
|
Net income/(loss) |
$ |
(180 |
) |
|
$ |
(68 |
) |
Adjustments to reconcile net income/(loss) to net
cash provided by/(used in) operating activities: |
|
|
|
Restructuring and management transition |
77 |
|
|
(1 |
) |
Asset impairments and other charges |
1 |
|
|
1 |
|
Net
gain on sale of non-operating assets |
- |
|
|
(5 |
) |
Net gain on sale of operating assets |
(117 |
) |
|
(8 |
) |
(Gain)/loss on extinguishment of debt |
- |
|
|
(4 |
) |
Depreciation and amortization |
145 |
|
|
154 |
|
Benefit plans |
111 |
|
|
(12 |
) |
Stock-based compensation |
7 |
|
|
10 |
|
Deferred taxes |
(18 |
) |
|
(3 |
) |
Change in cash from: |
|
|
|
Inventory |
(95 |
) |
|
(204 |
) |
Prepaid expenses and other assets |
(71 |
) |
|
(59 |
) |
Merchandise accounts payable |
(84 |
) |
|
70 |
|
Current income taxes |
5 |
|
|
(1 |
) |
Accrued expenses and other |
(127 |
) |
|
(264 |
) |
Net cash provided by/(used in) operating
activities |
(346 |
) |
|
(394 |
) |
Cash
flows from investing activities: |
|
|
|
Capital expenditures |
(83 |
) |
|
(39 |
) |
Proceeds from sale of non-operating assets |
- |
|
|
2 |
|
Proceeds from sale of operating assets |
136 |
|
|
12 |
|
Joint
venture return of investment |
8 |
|
|
14 |
|
Net cash provided by/(used in) investing
activities |
61 |
|
|
(11 |
) |
Cash
flows from financing activities: |
|
|
|
Payments of capital leases, financing obligation
and note payable |
(6 |
) |
|
(14 |
) |
Payments of long-term debt |
(230 |
) |
|
(62 |
) |
Proceeds from stock options exercised |
- |
|
|
1 |
|
Tax
withholding payments for vested restricted stock |
(3 |
) |
|
(5 |
) |
Net cash provided by/(used in) financing
activities |
(239 |
) |
|
(80 |
) |
Net
increase/(decrease) in cash and cash equivalents |
(524 |
) |
|
(485 |
) |
Cash and cash equivalents at beginning of
period |
887 |
|
|
900 |
|
Cash
and cash equivalents at end of period |
$ |
363 |
|
|
$ |
415 |
|
Reconciliation of
Non-GAAP Financial Measures
(Unaudited)
(Amounts in millions except per share data)
We report our financial information in accordance
with generally accepted accounting principles in the United States
(GAAP). However, we present certain financial measures and
ratios identified as non-GAAP under the rules of the Securities and
Exchange Commission (SEC) to assess our results. We believe
the presentation of these non-GAAP financial measures and ratios is
useful in order to better understand our financial performance as
well as to facilitate the comparison of our results to the results
of our peer companies. In addition, management uses these
non-GAAP financial measures and ratios to assess the results of our
operations. It is important to view non-GAAP financial
measures in addition to, rather than as a substitute for, those
measures and ratios prepared in accordance with GAAP. We have
provided reconciliations of the most directly comparable GAAP
measures to our non-GAAP financial measures presented.
The following non-GAAP financial measures are
adjusted to exclude restructuring and management transition
charges, the impact of our qualified defined benefit pension plan
(Primary Pension Plan), the (gain)/loss on extinguishment of debt,
the net gain on the sale of non-operating assets, the proportional
share of net income from our joint venture formed to develop the
excess property adjacent to our home office facility in Plano,
Texas (Home Office Land Joint Venture) and the tax impact for the
allocation of income taxes to other comprehensive income items
related to our Primary Pension Plan and interest rate swaps.
Unlike other operating expenses, restructuring and management
transition charges, the (gain)/loss on extinguishment of debt, the
net gain on the sale of non-operating assets, the proportional
share of net income from the Home Office Land Joint Venture and the
tax impact for the allocation of income taxes to other
comprehensive income items related to our Primary Pension Plan and
interest rate swaps are not directly related to our ongoing core
business operations. Primary Pension Plan expense/(income) is
determined using numerous complex assumptions about changes in
pension assets and liabilities that are subject to factors beyond
our control, such as market volatility. Accordingly, we
eliminate our Primary Pension Plan expense/(income) in its entirety
as we view all components of net periodic benefit expense/(income)
as a single, net amount, consistent with its presentation in our
Consolidated Financial Statements. We believe it is useful
for investors to understand the impact of restructuring and
management transition charges, Primary Pension Plan
expense/(income), the (gain)/loss on extinguishment of debt, the
net gain on the sale of non-operating assets, the proportional
share of net income from the Home Office Land Joint Venture and the
tax impact for the allocation of income taxes to other
comprehensive income items related to our Primary Pension Plan and
interest rate swaps on our financial results and therefore are
presenting the following non-GAAP financial measures: (1)
adjusted net income/(loss) before net interest expense, income tax
(benefit)/expense and depreciation and amortization (adjusted
EBITDA); (2) adjusted net income/(loss); and (3) adjusted
earnings/(loss) per share-diluted.
In addition, we believe that EBITDA is a useful
measure in assessing our operating performance and are therefore
presenting this non-GAAP financial measure in addition to the
non-GAAP financial measures listed above.
EBITDA AND ADJUSTED EBITDA,
NON-GAAP FINANCIAL MEASURES:
The following table reconciles net income/(loss),
the most directly comparable GAAP measure, to EBITDA and adjusted
EBITDA, non-GAAP financial measures:
|
Three Months
Ended |
|
April 29, 2017 |
|
April 30, 2016 |
Net income/(loss) |
$ |
(180 |
) |
|
$ |
(68 |
) |
Add:
Net interest expense |
87 |
|
|
95 |
|
Add: (Gain)/loss on extinguishment of debt |
- |
|
|
(4 |
) |
Total
interest expense |
87 |
|
|
91 |
|
Add: Income tax expense/(benefit) |
(12 |
) |
|
(1 |
) |
Add:
Depreciation and amortization |
145 |
|
|
154 |
|
EBITDA (non-GAAP) |
40 |
|
|
176 |
|
Add:
Restructuring and management transition charges |
220 |
|
|
6 |
|
Add: Primary pension plan expense/(income) |
(4 |
) |
|
- |
|
Less:
Net gain on the sale of non-operating assets |
- |
|
|
(5 |
) |
Less: Proportional share of net income from the
home office land joint venture |
(1 |
) |
|
(24 |
) |
Adjusted EBITDA (non-GAAP) |
$ |
255 |
|
|
$ |
153 |
|
ADJUSTED NET INCOME/(LOSS) AND
ADJUSTED EARNINGS/(LOSS) PER SHARE-DILUTED, NON-GAAP FINANCIAL
MEASURES:
The following table reconciles net income/(loss)
and earnings/(loss) per share-diluted, the most directly comparable
GAAP measures, to adjusted net income/(loss) and adjusted
earnings/(loss) per share-diluted, non-GAAP financial measures:
|
Three Months
Ended |
|
April 29, 2017 |
|
April 30, 2016 |
Net income/(loss) |
$ |
(180 |
) |
|
$ |
(68 |
) |
Earnings/(loss) per share-diluted |
$ |
(0.58 |
) |
|
$ |
(0.22 |
) |
|
|
|
|
Add:
Restructuring and management transition charges (1) |
220 |
|
|
6 |
|
Add: Primary pension plan expense/(income)
(1) |
(4 |
) |
|
- |
|
Add:
(Gain)/loss on extinguishment of debt (1) |
- |
|
|
(4 |
) |
Less: Net gain on the sale of non-operating
assets (1) |
- |
|
|
(5 |
) |
Less:
Proportional share of net income from the home office land joint
venture (1) |
(1 |
) |
|
(24 |
) |
Less: Tax impact resulting from other comprehensive
income allocation (2) |
(16 |
) |
|
(2 |
) |
Adjusted net income/(loss) (non-GAAP) |
$ |
19 |
|
|
$ |
(97 |
) |
Adjusted earnings/(loss) per
share-diluted (non-GAAP) |
$ |
0.06 |
|
|
$ |
(0.32 |
) |
-
Reflects no tax effect due to
the impact of the Company's tax valuation allowance.
-
Represents the net tax benefit
that resulted from our other comprehensive income allocation
between our Operating loss and Accumulated other comprehensive
income.
Reconciliation of
Non-GAAP Financial Measures
(Unaudited)
(Amounts in millions)
Free cash flow is a key financial measure of our
ability to generate additional cash from operating our business and
in evaluating our financial performance. We define free cash
flow as cash flow from operating activities, less capital
expenditures, plus the proceeds from the sale of operating
assets. Free cash flow is a relevant indicator of our ability
to repay maturing debt, revise our dividend policy or fund other
uses of capital that we believe will enhance stockholder
value. Free cash flow is considered a non-GAAP financial
measure under the rules of the SEC. Free cash flow is limited
and does not represent remaining cash flow available for
discretionary expenditures due to the fact that the measure does
not deduct payments required for debt maturities, payments made for
business acquisitions or required pension contributions, if
any. Therefore, it is important to view free cash flow in
addition to, rather than as a substitute for, our entire statement
of cash flows and those measures prepared in accordance with
GAAP.
FREE CASH FLOW, NON-GAAP
FINANCIAL MEASURE:
The following table sets forth a reconciliation of
cash flow from operating activities, the most directly comparable
GAAP measure, to free cash flow, a non-GAAP financial measure, as
well as information regarding net cash provided by/(used in)
investing activities and net cash provided by/(used in) financing
activities:
|
Three Months
Ended |
|
April 29, 2017 |
|
April 30, 2016 |
Net cash provided by/(used in) operating
activities |
$ |
(346 |
) |
|
$ |
(394 |
) |
Add: Proceeds from sale of operating assets |
136 |
|
|
12 |
|
Less: Capital expenditures |
(83 |
) |
|
(39 |
) |
Free cash flow (non-GAAP) |
$ |
(293 |
) |
|
$ |
(421 |
) |
|
|
|
|
Net
cash provided by/(used in) investing activities (1) |
$ |
61 |
|
|
$ |
(11 |
) |
Net cash provided by/(used in) financing
activities |
$ |
(239 |
) |
|
$ |
(80 |
) |
(1)
Net cash provided by/(used in) investing
activities includes capital expenditures and proceeds from sale of
operating assets, which are also included in our computation of
free cash flow.
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq 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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