J.C. Penney (JCP) CFO Hannah Comments on Conf. Call; Says Transformed Stores Generate 2x Revs of Unchanged

November 9, 2012 9:00 AM EST
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J.C. Penney (NYSE: JCP) shares remain lower ahead of the bell Friday following fiscal third-quarter 2012 results issued ealier.

Executives are currently speaking on the company's quarterly conference call. The following is a brief summary ofCFO Ken Hannah's comments:
  • JCP lost 2 points of conversion in the quarter;
  • JCP lost $20 million per week from mont-long value;
  • JCP inventory down 23 percent quarter-over-quarter;
  • Clearance selling margin fell 0.5 points to 5.9 percent;
  • JCP's balance sheet continues to be strong;
  • JCP plans to have $1 billion of cash by the end of the year;
  • The drop doesn't hurt JCP's transformation timeline;
  • Transformed space is making $269 per sq. foot; and
  • Unchanged stores generate $134 per sq. foot.

The call is currently ongoing. For a summary of the results, click here.

Shares are down about 9.5 percent.

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