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JCPenney’s Q2 net loss widens to 0.20 dollar per share

By Prachi Singh

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Report

J. C. Penney Company’s total net sales for the second quarter increased 1.5 percent to 3 billion dollars, and comparable sales declined 1.3 percent, resulting in a positive two-year stack of 0.9 percent. The company's net loss for the quarter was 62 million dollars or 0.20 dollar per share compared to 56 million dollars or 0.18 dollar per share in the same period last year.

Commenting on the second quarter performance, Marvin R. Ellison, the company’s Chairman and CEO said in a media statement, "We are pleased to deliver a top line sales increase of 1.5 percent and quarterly sequential improvement of 220 basis points in our comp sales performance in go forward stores. While broader retail remains challenged, we are encouraged by the improved performance in our total apparel business, including a significant acceleration in kids' apparel."

Review of JCPenney’s Q2 results

The company said, home, fine jewellery, footwear and handbags, Sephora and salon were the company's top performing divisions during the quarter. Geographically, the southwest and southeast were the best performing regions of the country.

Adjusted net loss for the quarter was 28 million dollars or 0.09 dollar per share compared to 16 million dollars or 0.05 dollar per share, last year. Adjusted EBITDA was 196 million dollars compared to 233 million dollars last year.

For the fiscal 2017 full year, JCPenney expects comparable store sales to be 1 percent to positive 1 percent; cost of goods sold now expected to be up 30 to 50 basis points versus 2016; and adjusted earnings per share in the range of 0.40 dollar to 0.65 dollar.

Picture:Facebook/JCP

JCPenney