J.C. Penney Co., Inc. (JCP) Post Loss of $2.66/Sh, Comps Down 11.9%
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(Updated - August 20, 2013 7:39 AM EDT)
J.C. Penney Co., Inc. (NYSE: JCP) reported Q2 EPS of ($2.66), or a loss of $2.16 adjusted, worse than the analyst estimate of ($1.06). The adjusted net loss of $2.16 per share has not been adjusted for, and therefore does not exclude, the ($0.99) of loss associated with the tax valuation allowance.
Revenue for the quarter came fell 11.9% to $2.66 billion versus the consensus estimate of $2.76 billion. Comparable store sales declined 11.9% in the quarter, and were negatively impacted by the Company's failed prior merchandising and promotional strategies, which resulted in unusually high markdowns and clearance levels in the second quarter.
Myron E. (Mike) Ullman, III, chief executive officer of jcpenney, said, "Since I returned to jcpenney four months ago, we have moved quickly to stabilize our business - both financially and operationally - and we have made meaningful progress in important areas of the business. There are no quick fixes to correct the errors of the past. That said, we have identified the challenges, put solid plans in place to address them and have experienced and capable people in key roles to do so."
The Company also said that the early weeks of the Back to School shopping period were encouraging, especially during the important tax-free holidays and promotional weekend periods. Customers are choosing jcpenney as their shopping destination for private brands such as The Original Arizona Jean Co.®, Xersion(TM) and Total Girl®, as well as sought after national brands like Nike, Levi`s and Vans.
Ullman continued, "Moving forward, we`re focusing our efforts on regaining customer loyalty by offering trusted brands, award winning service and affordability that families can depend on. We are encouraged by our early performance this Back to School season, which reflects customers` growing confidence in the brands and styles we offer. Our associates across the country are working tirelessly to serve our customers and I am proud of their efforts."
For earnings history and earnings-related data on J.C. Penney Co., Inc. (JCP) click here.
J.C. Penney Co., Inc. (NYSE: JCP) reported Q2 EPS of ($2.66), or a loss of $2.16 adjusted, worse than the analyst estimate of ($1.06). The adjusted net loss of $2.16 per share has not been adjusted for, and therefore does not exclude, the ($0.99) of loss associated with the tax valuation allowance.
Revenue for the quarter came fell 11.9% to $2.66 billion versus the consensus estimate of $2.76 billion. Comparable store sales declined 11.9% in the quarter, and were negatively impacted by the Company's failed prior merchandising and promotional strategies, which resulted in unusually high markdowns and clearance levels in the second quarter.
Myron E. (Mike) Ullman, III, chief executive officer of jcpenney, said, "Since I returned to jcpenney four months ago, we have moved quickly to stabilize our business - both financially and operationally - and we have made meaningful progress in important areas of the business. There are no quick fixes to correct the errors of the past. That said, we have identified the challenges, put solid plans in place to address them and have experienced and capable people in key roles to do so."
The Company also said that the early weeks of the Back to School shopping period were encouraging, especially during the important tax-free holidays and promotional weekend periods. Customers are choosing jcpenney as their shopping destination for private brands such as The Original Arizona Jean Co.®, Xersion(TM) and Total Girl®, as well as sought after national brands like Nike, Levi`s and Vans.
Ullman continued, "Moving forward, we`re focusing our efforts on regaining customer loyalty by offering trusted brands, award winning service and affordability that families can depend on. We are encouraged by our early performance this Back to School season, which reflects customers` growing confidence in the brands and styles we offer. Our associates across the country are working tirelessly to serve our customers and I am proud of their efforts."
For earnings history and earnings-related data on J.C. Penney Co., Inc. (JCP) click here.
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