J.C. Penney (JCP) Holiday Comps Rose 3.9%; Reaffirms adj-EBITDA, FCF Outlook

January 7, 2016 6:59 AM EST

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J. C. Penney Company, Inc. (NYSE: JCP) announced that its comparable store sales for the combined nine-week November and December period resulted in a 3.9 percent increase over the same period last year, which equates to a 7.6 percent two-year stack of comparable store sales for the same time period. The Company also reaffirmed its full-year adjusted EBITDA target of $645 million and plans to generate positive free cash flow in fiscal 2015.

"Despite unprecedented warm weather that significantly affected apparel sales across the Company, our focus on private brands, enhanced omnichannel execution and compelling gift giving selection resulted in strong holiday sales. I am especially pleased with the accelerated comp sales improvement from November to December, including record online sales for the Company during the holiday season," said Marvin R. Ellison, chief executive officer of JCPenney.

"Although we have much work to do, our strengthened omnichannel capabilities enabled our supply chain network to process millions of jcp.com orders this season, supported by 250 stores across the country that helped fulfill online orders using in-store inventory. With this level of selection, we saw more online customers take advantage of our in-store pick up option available at over 1,000 JCPenney stores nationwide. We look forward to capitalizing on this digital progress through 2016," Ellison added.

The Company will report its fourth quarter and fiscal 2015 results on Feb. 26.

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