JCPenney Provides Holiday Sales Performance Update
January 04 2018 - 6:55AM
YASTESTCompany delivers a 3.4% comp sales increase for the combined
nine-week period ending December 30, 2017; reaffirms full-year
financial guidance
PLANO, Texas -
(Jan. 4, 2018) - J. C. Penney Company, Inc. (NYSE: JCP)
announced today that its comparable store sales for the combined
nine-week period ending December 30, 2017 increased 3.4 % over the
same period last year. The Company also reaffirmed all
components of its most recent full-year financial guidance for
fiscal 2017.
"We are very encouraged with our
overall comp sales performance during the holiday season, which was
led by home, beauty and fine jewelry. Additionally, our apparel
categories continue to demonstrate improved comp performance,
particularly in women's and kids. We are also pleased by our
e-commerce business that continues to outpace prior year results
with double-digit sales growth, largely driven by sought-after
gifting categories such as fine jewelry, home decor and luggage,
toys, boots and athletic footwear. Our ability to execute
e-commerce fulfillment from 100% of our brick and mortar stores
helped fuel the growth in e-commerce for the holiday season. We
remain confident that our strategic initiatives are taking hold and
resonating with customers," said Marvin R. Ellison, chairman and
chief executive officer of JCPenney.
"As we close out fiscal 2017, we
remain committed to operating the business for growth, while
providing our customers more reasons to shop and experience
everything JCPenney has to offer. We look forward to sharing more
details about our 2017 fourth quarter performance and full year
results as well as our fiscal 2018 expectations during our earnings
call planned for March 2nd," added
Ellison.
Media
Relations:
(972) 431-3400 or jcpnews@jcp.com; Follow us @jcpnews
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 furnishings retailers, combines an expansive
footprint of approximately 875 stores across the United States and
Puerto Rico with a powerful e-commerce site, jcp.com, to connect
with shoppers how, when and where they prefer to shop. At every
customer touchpoint, she will get her Penney's worth of a broad
assortment of products from an extensive portfolio of private,
exclusive and national brands. Powering this shopping experience is
the customer service and warrior spirit of over 100,000 associates
across the globe, all driving toward 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, cost of goods sold, selling, general
and administrative expenses, earnings, cash flows and interest
expense. 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-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 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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