JCPenney manages to cut losses in Q3
By Prachi Singh
15 Nov 2019
Third quarter sales at J. C. Penney Company, Inc. reported total net sales decrease of 10.1 percent to 2.38 billion dollars. JCPenney’s comparable store sales decreased 9.3 percent for the quarter. For the third quarter, the company’s net loss improved from 151 million dollars or 48 cents per share last year to 93 million dollars or 29 cents per share, this year. Adjusted net loss was 97 million dollars or 30 cents per share compared to 164 million dollars or 52 cents per share, last year.
“The past quarter was an exciting and energizing time at JCPenney as we made significant progress on our efforts to return JCPenney to sustainable, profitable growth,” said Jill Soltau, Chief Executive Officer of JCPenney in a statement, adding, “We are beginning to see results – both in our numbers and how we operate as a business.”
Updating its expectation for adjusted EBITDA, the company now expects it to exceed 475 million dollars for full year fiscal 2019. In addition, the company has also reaffirmed its prior financial guidance for full year fiscal of comparable store sales to drop in the range of 7 percent to 8 percent and adjusted comparable store sales, which excludes the impact of the company’s exit from major appliances and in-store furniture categories to decline the range of 5 percent to 6 percent.