JCPenney's Q4 and FY18 sales decline, announces plan to close 18 stores in 2019

J. C. Penney Company, Inc. said in a statement that on a shifted basis, which compares the 13 weeks ended February 2, 2019 and February 3, 2018, comparable sales decreased 4 percent, while on an un-shifted basis, comparable sales for the quarter decreased 6 percent. For the full year, comparable sales decreased 3.1 percent. The company also announced that it will close 18 full-line stores and nine ancillary home and furniture stores in 2019, including the three locations previously announced in January.

Net income for the quarter was 75 million dollars or 24 cents per share compared to 242 million dollars or 77 cents per share in the same period last year and net loss for the full year was 255 million dollars or 81 cents per share compared to 118 million dollars or 38 cents per share last year. Adjusted net income for the quarter was 57 million dollars or 18 cents per share, compared to 160 million dollars or 51 cents per share, last year, while adjusted net loss was 296 million dollars or 94 cents per share this year compared to 31 million dollars or 10 cents per share, last year.

JCPenney’s fourth quarter and FY18 results

Total net sales for the fourth quarter decreased 9.5 percent to 3.67 billion dollars. The company said, jewellery, women’s apparel, children’s apparel and men’s apparel were the company’s top performing divisions during the quarter. Total net sales for fiscal 2018 decreased 7.1 percent to 11.66 billion dollars compared to 12.55 billion dollars for fiscal 2017.

“Based on everything I have seen and heard, I am even more convinced that JCPenney is a revered brand that has the capacity to deliver improved results. In spite of our past financial performance, we have already taken meaningful steps to drive improvement in key businesses such as women’s apparel, active apparel, special sized apparel and fine jewellery,” said Jill Soltau, CEO of JCPenney in a statement.

Picture:Facebook/JCPenney