JCPenney Q3 net loss widens to 151 million dollars

For its fiscal third quarter, J. C. Penney Company, Inc. announced comparable sales decrease of 5.4 percent, while net loss for the quarter was 151 million dollars or 0.48 cents per share. For the third quarter, total net sales decreased 5.8 percent to 2.65 billion dollars and reflecting the calendar shift in 2018 due to the 53rd week in 2017, comparable sales decreased 4.5 percent. The company said, jewellery, women’s apparel and men’s were the top performing divisions during the quarter.

Commenting on the company’s third quarter results, Jill Soltau, the company’s chief executive officer, said in a statement: “In spite of our overall sales results, I am encouraged by the recent underlying trends in key businesses such as women’s apparel, active, special sizes and fine jewellery. We are making progress and taking the necessary steps to right-size our inventory positions to better support the brands and categories that are demonstrating profitable sales growth. While restoring JCPenney to sustained profitable growth will be a lengthy process, I understand the need for quick action.”

For the third quarter, the company’s net loss was 151 million dollars or 0.48 cents per share, compared to a net loss of 125 million dollars or 0.40 cents per share in the same period last year. Adjusted net loss was 164 million dollars or 0.52 cents per share, compared to an adjusted net loss of 108 million dollars or 0.35 cents per share, for the third quarter last year.

The company added that comparable store sales for fiscal 2018 are now expected to be down low-single digits but the company continues to expect to achieve positive free cash flow for the year.

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