JCPENNEY REPORTS HOLIDAY SALES UPDATE
January 06 2017 - 7:30AM
PLANO, Texas
- (Jan. 6, 2017) - J. C. Penney Company, Inc.
(NYSE: JCP) announced today that its comparable store sales for the
combined nine-week November and December period resulted in a (0.8)
percent decline over the same period last year, which equates to a
3.1 percent positive two-year stack of comparable store sales for
the same time period. The Company also reaffirmed its full-year
EBITDA1 target of $1
billion for fiscal 2016.
"The first three weeks of November
proved to be challenging in stores, consistent with the trends in
the broader retail industry. However, the business improved
and overall comp sales for the six-week period from Thanksgiving
week through the end of December were positive. During the holiday
season we saw strength in appliances, outerwear, boots, toys,
Sephora and fine jewelry. However, weakness in women's apparel
continued to impact our performance. We are also encouraged
by a very strong performance in our e-commerce business, evidenced
by double-digit growth. This validates the strength of our
omnichannel strategy as efforts to improve site functionality,
expand fulfillment capabilities, offer flexible shipping options
and introduce a broad assortment of new product categories were
instrumental to this digital sales growth," said Marvin R. Ellison,
chairman and chief executive officer of JCPenney.
"As we prepare for a new fiscal
year, our turnaround in profitability remains on track, and I am
pleased that we expect to deliver our fourth consecutive quarter of
positive operating profit," Ellison added.
The Company will report its full
fourth quarter and fiscal 2016 results on Feb. 24.
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.
Media Relations:
(972) 431-3400 or jcpnews@jcp.com and follow us at
@jcpnews on Twitter.
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 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 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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