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JCPenney's Q1 net loss widens to 154 million dollars

By Prachi Singh

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Report

For its first quarter, J. C. Penney Company, Inc. reported net loss of 154 million dollars or 48 cents per share compared to a net loss of 78 million dollars or 25 cents per share in the same period last year. Adjusted net loss was 147 million dollars or 46 cents per share compared to 69 million dollars or 22 cents per share, last year. The company said, comparable sales decreased 5.5 percent for the first quarter.

“We have made good progress on each of our immediate action steps highlighted last quarter, including our continued efforts to reduce and enhance our inventory position, which resulted in a 16 percent reduction in our inventory and a meaningful improvement in our free cash flow this quarter,” said Jill Soltau, CEO of JCPenney in a statement.

Total net sales for the quarter decreased 5.6 percent to 2.44 billion dollars, while comparable sales decreased 5.5 percent for the quarter. The company added that exit of the major appliances and in-store furniture categories had a combined negative impact of 20 basis points to comparable sales in the quarter. Fine jewellery, children’s apparel, women’s apparel and men’s apparel were the company’s top performing divisions during the quarter.

Picture:Facebook/JCPenney

JCPenney