JCPenney (JCP) Posts Breakeven Q4 Loss; Comps Rose 4.4%

JCPenney (NYSE: JCP) reported Q4 EPS of $0.00, $0.74 worse than the analyst estimate of $0.74. Revenue for the quarter came in at $3.89 billion versus the consensus estimate of $4.71 billion.

Operating income for the quarter was $63 million, which represents a $201 million increase over last year. EBITDA was $220 million, a $197 million improvement from the same period last year.

Comparable store sales rose 4.4 percent for the quarter. Online sales through jcpenney.com were $428 million for the quarter, up 12.5 percent versus the same period last year.

Men's apparel, Home and Fine Jewelry were the Company's top performing merchandise divisions during the quarter. Sephora inside JCPenney, now in 492 locations, also continued its strong performance. Geographically, all regions delivered sales gains over the same period last year with the best performance in the central and western regions of the country.

Guidance:

Building on the success of 2014, the Company's 2015 full year guidance is as follows:

• Comparable store sales: expected to increase 3 percent to 5 percent;
• Gross margin: expected to improve 50 to 100 basis points versus 2014;
• SG&A: expected to decrease $50 to $100 million versus 2014;
• Primary pension plan expense: approximately $19 million;
• Depreciation and amortization: approximately $615 million;
• Interest expense: approximately $415 million; and
• Free cash flow: expected to be flat.

For earnings history and earnings-related data on JCPenney (JCP) click here.

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