=J. C. Penney (JCP) reported earnings on Thur 28 Feb 19 (b/o)

• Update May 2020: JCPenney filed for Chapter 11 bankruptcy protection and in September 2020, Brookfield Asset Management and Simon Property Group agreed to purchase the company for around $800 million in cash and debt. The deal was approved by the U.S. bankruptcy court for the Southern District of Texas two months later.

 J. C. Penney reports EPS in-line, misses on revs, comps -6% on unshifted basis; expects free cash flow to be positive for FY19: names Michelle Wlazlo as chief merchant

• Reports Q4 (Jan) earnings of $0.18 per share, excluding non-recurring items, in-line with the S&P Capital IQ Consensus of $0.18; total net revenues fell 9.5% year/year to $3.67 bln vs the $3.75 bln S&P Capital IQ Consensus.
  • On a shifted basis, comps were -4.0% and on an unshifted basis, comps were -6.0%.
• Outlook: Co expects free cash flow to be positive for fiscal 2019. In terms of its Store Closures Update, the co will close 18 full-line stores in 2019, including the three locations previously announced in January. In addition, the co will also close 9 ancillary home and furniture stores, further aligning its brick-and-mortar presence with its omni-channel network. Comps for the closing stores were significantly below the remaining store base. Nearly all impacted stores are expected to close in 2the second quarter of 2019.
• Co also announces the appointment of Michelle Wlazlo, who will join the company as executive VP, chief merchant, reporting to CEO Jill Soltau. Most recently she served as senior VP of apparel and accessories merchandising at Target (TGT) where she helped lead the company's strategy and implementation of a robust merchandising program that included transforming the presentation of 1,400 stores and launching 15 new private brands. Co also announces that it has filled two additional key senior executive positions.

Earnings this week : Feb. 25 - March 1, 2019 (wk 9)

Earnings confirmed to report this week:

Monday (Feb 25)

• Morning: PLAN AWI CRI DORM KOS MDR TEN
• Afternoon:  ALSN APLE APTS ATH AWR BWXT CDEV CORT CRZO DDS  DRH ELGX EPR ETSY EVER FBM FRAC FRGI GSM HNI HTZ IMMU JBT KAMN KBR LDL LSI MEDP MOS NGHC NLS OFIX OKE PBPB PEB PLOW PODD QTS RCII RP RRC SHAK SNHY SYKE THC TRTX TWOU XENT

Tuesday (Feb 26)

• Morning:  AMWD ATHM AVNS AZO BCC BLD BMO BNS BPMC CBRL CLVS DISCA DSX FCN HD LGIH LNG M MNK NCI NXST PRFT RHP RLGY SAFM SDRL SERV SFL SJM SPNS SRE SSTK TA TLRA TPH TREE TRI TRXC USCR VCEL VSI WP WYND XHR
• Afternoon:  AAXN ACAD AKCA ARNA AXGN BGS BNFT CERS CGBD CIR CLGX CPE CSGP CW DRQ DVAX ELF ENPH EOG EVH FOXF FRPT FTR GWPH HEI HPR HURN HY ICFI IMAX IMMR INGN INN INSP JAZZ JBGS MASI MED MELI MGRC MMSI MTDR MYL NBR OAS ORA OUT PANW PEN PLNT PSA PUMP PZZA RRD RRGB RTRX SE SUPN SYX TIVO TNDM TOL VEEV WLL WMGI WTTR WTW

Wednesday (Feb 27)

• Morning:  AES AMRN AMT ANIP BBY CHK CLH CPB DF DNR DOC DY EYE FTDR GCP GTE HMLP HPT HZNP IONS LIVN LOW LXP MDCO MGPI MIDD NEWM NOVT OCN ODP PEG PGTI PNM RDC SBGI SHOO TAST TJX UTHR WAAS 
• Afternoon:  AEGN ALEX AMED ANSS APA ATSG AYX BEL BGNE BILI BKNG BOLD BOX CABO CCRN CHDN COLL CRC CVNA CWK DAR ECPG ERI ESTC ESV FG FIT FOE FTAI FTSI GEF GKOS HGV HHC HPQ ITRI KRA KW LADR LB LHCG MNST NNI ORBC PDCE PK PRAH PRGO PRSC QRTE.A SEMG SJI SOI SQ SRI SRPT STAY SWX TDOC TPC TROX TWNK UHS WIFI WING WTI XLRN

Thursday (Feb 28)

• Morning: AAON ABB ACIW AKRX AMCX AMRX BCPC BID BMCH BPMP BUD CARS CM CMD CNP CRAI CROX CWEN CWT DAVA DEA EGRX ENDP EXLS FOLD FRO FSS GOLF GTN GTS GTT HMHC HRI IBP ICPT IRDM JCP JD KDP LAUR LKQ MGLN MYE NLSN NOMD NRG OPI OXSQ PCRX PDCO PRIM PRTY SEAS SPAR STWD SYNH TD TRS TTI VAC VRTV VST
• Afternoon:  DDD ACHC AIMT ALRM AQN ALTR AMBC AMC APPF AGO ATRC ADSK EQH BIO BLDR CARG CSLT CISN SCOR DELL DCO EIX EDIT FTCH FNKO GCAP GPS GSBD HABT ICUI XON JAG KTOS LYV MAIN MAR MTZ MAXR MBI NKTR NPTN JWN NTNX PLYA PRAA PTCT PBYI PSTG KWR RDUS RBA RLJ SGMO SRG SWN SPPI SPLK SRCL RUN TRHC TCMD TERP TPIC UPWK VMW WDAY ZIXI ZGNX ZS WUBA 

Friday (March 1)

• Morning:  ASTE CLNY CORE XRAY EBIX FL KOP NWN PEGI PTLA SSP SNH STRA TGNA TRCO 

******

• Monday: December Wholesale Inventories (Briefing.com consensus 0.4%; prior 0.3%) at 10:00 ET; $40 bln 2-yr Treasury note auction results at 11:30 ET; and $41 bln 5-yr Treasury note auction results at 13:00 ET
• Tuesday: December S&P Case-Shiller Home Price Index (Briefing.com consensus 4.5%; prior 4.7%) at 8:00 ET; December Housing Starts (Briefing.com consensus 1254K; prior 1256K) and Building Permits (Briefing.com consensus 1290K; prior 1328K) at 8:30 ET; December FHFA Housing Price Index (prior 0.4%) at 9:00 ET; February Consumer Confidence (Briefing.com consensus 125.0; prior 120.2) at 10:00 ET; and $32 bln 7-yr Treasury note auction results at 13:00 ET
• Wednesday: Weekly MBA Mortgage Index (prior 3.6%) at 7:00 ET; January Advance Intl. Trade in Goods; Advance Retail Inventories; and Advance Wholesale Inventories at 8:30 ET; December Factory Orders (Briefing.com consensus 1.0%; prior -0.6%), Fed Chair Powell Semi-Annual Monetary Policy Testimony, and January Pending Home Sales (Briefing.com consensus -0.4%; prior -2.2%) at 10:00 ET; and Weekly EIA Crude Oil Inventories (prior +3.7M) at 10:30 ET
• Thursday: Q4 GDP - Advance (Briefing.com consensus 2.3%; prior 3.4%), Q4 GDP Deflator - Advance (Briefing.com consensus 1.7%; prior 1.8%), weekly Initial Claims (Briefing.com consensus 221K; prior 216K), and Continuing Claims (prior 1725K) at 8:30 ET; February Chicago PMI (Briefing.com consensus 57.5; prior 56.7) at 9:45 ET; and weekly EIA Natural Gas Inventories (prior -177 bcf) at 10:30 ET
• Friday: December Personal Income (Briefing.com consensus 0.3%; prior 0.2%), Personal Spending (Briefing.com consensus -0.2%; prior 0.4%), and January Personal Income (Briefing.com consensus 0.3%) at 8:30 ET; February ISM Manufacturing Index (Briefing.com consensus 56.0; prior 56.6), and Final February Michigan Consumer Sentiment (Briefing.com consensus 95.6; prior 95.5) at 10:00 ET

=J.C. Penney (JCP) drops below $1

The day after Christmas, Penney shares dipped below $1 - hitting 99 cents - for the first time in the company's history.

Last month, J.C. Penney said sales at stores open for more than a year fell 5.4% in the third quarter, pushing the retailer to a wider-than-expected loss of 48 cents a share. The group also scrapped its full-year profit guidance.

At that time, CEO Jill Soltau, who took over the top position in October, said in a statement that "in spite of our overall sales results, I am encouraged by the recent underlying trends in key businesses such as women's apparel, active, special sizes and fine jewelry."

"We are making progress and taking the necessary steps to right-size our inventory positions to better support the brands and categories that are demonstrating profitable sales growth," said Soltau, who was most recently president and CEO of Jo-Ann Fabric and Crafts Stores. "While restoring J.C. Penney to sustained profitable growth will be a lengthy process, I understand the need for quick action. My commitment is that we will make sound, strategic decisions backed by data, and will always be rooted in delivering on our customers' wants and expectations."

-=J. C. Penney (JCP) reported earnings on Thur 16 Aug 2018 (b/o)

J. C. Penney misses by $0.35, misses on revs; lowers FY19 EPS and comp guidance; Q2 comps +0.3% below expectations 

• Reports Q2 (Jul) loss of $0.38 per share, excluding non-recurring items, $0.35 worse than the S&P Capital IQ Consensus of ($0.03); revenues fell 7.5% year/year to $2.76 bln vs the $2.81 bln S&P Capital IQ Consensus.
• Comparable sales increased 0.3 % for the second quarter versus Street expectations of +1.0%.
• "This quarter we adjusted our approach to inventory management from 'buying to store capacity' to 'buying and chasing' into demonstrated sales trends. Inventory receipts continued to outpace total sales performance this quarter due to prior purchase commitments. As such, we took necessary actions to markdown and clear excessive inventory positions across many of our categories."
• "I want to take this opportunity to update our stakeholders on the progress of the CEO search. The process is going well and the Board has met with highly qualified candidates who have expressed a strong desire to become the next leader of JCPenney."
• Co issues lowers guidance for FY19, sees EPS of ($1.00) - ($0.80) from ($0.07) - $0.13, excluding non-recurring items, vs. $0.04 S&P Capital IQ Consensus. Comparable store sales: now expected to be approximately flat (prior guidance 0.0-2.0%).  Street expectations +0.6%.

Earnings this week : Aug 13 - 17, 18 (wk 33)

Earnings confirmed to report this week:

Monday (August 13)

• Morning: CNNE  JKS  SYY TSG  
• Afternoon: AG  HUYA  SWCH TDW VERI  VIPS YY 

Tuesday (Aug 14)

• Morning: AAP ARRY BZUN CAE CDK CSIQ  CVIA EAT EYE GDS HD MMYT TPR 
• Afternoon: A CASA CDLX CGC CREE DDS FENG HOLI MYGN PETQ VIAV  WPM

Wednesday (Aug 15)

• Morning: LXFT M MSGN  PFGC
• Afternoon: BGG CACI CSCO NTAP SPTN

Thursday (Aug 16)

• Morning: DESP JCP JD MSG QIWI WMT   WUBA
• Afternoon: AMAT ATGE  JWN  NVDA  ZOES

Friday (Aug 17)

• Morning: DE

=J. C. Penney (JCP) : Chairman and CEO Marvin R. Ellison resigns to become CEO of Lowe's (LOW)

While Ellison will remain a director and CEO through June 1, he will step down from his position as chairman of the board effective immediately. The board of directors has elected current Lead Independent Director Ronald W. Tysoe as Chairman of the Board and has created an Office of the CEO, which will be comprised of Chief Financial Officer Jeff Davis, Chief Customer Officer Joe McFarland, Chief Information Officer and Chief Digital Officer Therace Risch and Executive Vice President of Supply Chain Mike Robbins. These four leaders will share equal responsibility for the Company's day-to-day operations until a new CEO is appointed. A search committee has been formed to conduct a search for a chief executive officer at JCPenney.

Lowe's names Marvin Ellison as President and CEO effective July 2, 2018 

• Ellison succeeds Robert A. Niblock, who previously announced his intention to retire.
• The Lowe's board has also appointed Richard W. Dreiling, a director of Lowe's since 2012, as chairman, effective July 2, 2018.
• Ellison currently serves as chairman and CEO of J. C. Penney Company, Inc., where he implemented a turnaround strategy.

=J. C. Penney (JCP) reported earnings on Wed 16 May 18 (b/o)

J. C. Penney beats by $0.02, misses on revs, comps +0.2%; lowers FY19 EPS guidance, reaffirms comps outlook 

• Reports Q1 (Apr) loss of $0.22 per share, excluding non-recurring items, $0.02 better thanthe Capital IQ Consensus of ($0.24); revenues fell 4.3% year/year to $2.58 bln vs the $2.62 bln Capital IQ Consensus.
• Comparable sales increased 0.2% for the first quarter.
• "During the first quarter, we achieved a positive sales comp of 0.2 %, which was impacted in large part by a very late start to Spring where we experienced cooler than normal temperatures in April. Although our overall top line sales results came in below our expectations for the quarter, we were encouraged by the strong positive comp performance throughout February and March, as well as the last two weeks of April, when temperatures began to normalize."
• The Company has revised its 2018 full year guidance, which reflects only the impact of the adoption of new revenue recognition and pension accounting standards, as follows:
  • Co lowers EPS guidancefor FY19, sees EPS of ($0.07)-$0.13 (Prior $0.05-0.25), excluding non-recurring items, vs. $0.17 Capital IQ Consensus Estimate; Reaffirms comparable store sales outlook for flat to +2%
  • A reconciliation of non-GAAP forward-looking projections to GAAP financial measures is not available as the nature or amount of potential adjustments, which may be significant, cannot be determined at this time.

=J. C. Penney (JCP) reported earnings on Fri 2 March 2018 (b/o)

J. C. Penney beats by $0.10, reports revs in-line; guides FY19 EPS within range, midpoint below consensus, sees comps +0-2% 

• Reports Q4 (Jan) earnings of $0.57 per share, excluding non-recurring items, $0.10 better thanthe Capital IQ Consensus of $0.47; revenues rose 1.8% year/year to $4.03 bln vs the $4.04 bln Capital IQ Consensus. 
• Comparable sales increased 2.6% in the fourth quarter and were on the same 13 week basis as the fourth quarter last year (reported holiday comps +3.4% on January 4). Jewelry, Home, Sephora, Footwear and Handbags and Salon were the Company's top performing divisions during the quarter. Geographically, the Southeast and Gulf Coast were the best performing regions of the country.
• Gross margin +50 bps to 33.6% The improvement was primarily driven by decreased promotional activity during the quarter resulting from an improved inventory position. This improvement was partially offset by the continued growth in the Company's online and major appliance businesses and higher shrink rates.
• Co issues guidance for FY19, sees EPS of $0.05-0.25, excluding non-recurring items, vs. $0.23 Capital IQ Consensus Estimate; comps +0-2% vs. ests +0.8% and +0.1% last year.
• "In 2018, we will intensify our market share efforts in Appliances, Mattresses and Furniture, while continuing to take steps to modernize our apparel assortment and omni-channel. Our strategy and plan is clear and consistent, and we remain focused on two critical factors - to operate the business for growth and deliver profitable earnings."

=J. C. Penney (JCP) reported earnings on Fri 10 Nov 2017 (b/o)

J. C. Penney beats by $0.10, beats on revs; reaffirms FY18 EPS and comp guidance; Q3 comps +1.7% (ahead of Oct 27 pre-announcement) 

• Reports Q3 (Oct) loss of $0.33 per share, excluding non-recurring items, $0.10 better than the Capital IQ Consensus of ($0.43); revenues fell 1.8% year/year to $2.81 bln vs the $2.77 bln Capital IQ Consensus.Co's preannounced range on October 27 of ($0.45) - ($0.40)
• Comparable sales increased 1.7 % for the third quarter, resulting in a positive two-year stack of 0.9 % (guided for 0.6-0.8% on October 27). 
• For the third quarter, cost of goods sold, which excludes depreciation and amortization, was $1.85 billion, or 66.0 % of sales, compared to $1.80 billion, or 62.8 % of sales in the same period last year.
• Adjusted EBITDA for the third quarter was $108 million compared to $174 million last year. Inventory at the end of the third quarter 2017 was $3.37 billion, a decrease of 8.8 % compared to the end of the third quarter last year, and down 5.7% on a comp store basis.
• Co reaffirms guidance for FY18, sees EPS of $0.02-0.08, excluding non-recurring items, vs. $0.06 Capital IQ Consensus Estimate; FY18 guidance reaffirmed (guided on Oct 27): Comparable store sales: expected to be -1.0 % to 0.0 %. Cost of goods sold: expected to be up 100 to 120 basis points versus 2016. 

=J. C. Penney (JCP) issues light prelim Q3 results, slashes FY18 outlook

J. C. Penney lowers Q3 EPS guidance

For the third quarter, the Company expects that comparable store sales will increase in the range of 0.6 % to 0.8 % and cost of goods sold, which excludes depreciation and amortization, will increase 300 to 320 basis points compared to the same period last year, impacted primarily by a greater sales penetration in major appliances and e-commerce and the decision to accelerate the liquidation of inventory.

• The Company expects third quarter adjusted earnings per share to be in the range of ($0.45) to ($0.40).
  • Consensus was for (0.17)
• Co states, "Therefore, in the third quarter, we took the necessary steps to accelerate inventory liquidation primarily across all apparel divisions, which increases available funding to invest in new and trending merchandise categories. We realize the inventory liquidation favorably impacted sales during the months of September and October; however, we expect to deliver a positive low single- digit sales comp for this period, excluding the benefit of clearance sales. Although these actions will create a short-term negative impact to cost of goods sold and earnings, long term, we firmly believe it was the right decision for the Company as we transition into the fourth quarter and fiscal 2018." 

This week's biggest % winners & losers : Aug 7 - 11, 17 (wk 32)

The following are this week's top 20 percentage gainers and top 20 percentage losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).

This week's top 20 % gainers

• Healthcare: MYOK (36.7 +113.99%),EDIT(21.95 +28.66%),NTRA(10.62 +28.11%),NXTM(29.22 +26.27%),ACHN(4.7 +19.16%),FGEN(41.65 +19%),PRGO(78.49 +16.4%),EGRX(55.64 +16.4%),IPXL(18.3 +15.09%),CYH(7.45 +14.26%)
• Industrials:STS(20.95 +38.47%),HTZ(18.65 +30.24%)
• Consumer Discretionary:KORS(44.69 +21.44%),CROX(9.21 +15.99%),ERI(23.4 +15.27%)
• Information Technology:ATHM(61.52 +28.65%),EFII(31.81 +22.11%),SSNI(12.95 +15.94%),BITA(36.91 +14.52%)
• Consumer Staples:CHEF(17.6 +20.96%)

This week's top 20 % losers

• Healthcare:  SGRY(11.03 -43.75%),DEPO(6.32 -33.26%),CCXI(7.2 -30.7%), BLCM(7.96 -25.88%),EVH(18.4 -23.65%)
• Materials: FRTA(4.64 -46.48%)
• Industrials:BW(2.91 -70.99%),CBI(11.8 -30.47%),CECE(7.45 -23.27%)
• Consumer Discretionary: FOSL(8.2 -29.55%),ODP(4.27 -28.11%), JCP  3.93 -27.76%),FTD(13.85 -27.03%)
• Information Technology:LXFT(45.7 -25.57%),CALX(5.04 -24.78%)
• Financials:MHLD(7 -36.94%)
• Energy:OSG(2.2 -27.15%),TTI(1.99 -23.17%)
• Consumer Staples:BETR(7.63 -21.82%)

=J. C. Penney (JCP) reported earnings on Fri 11 Aug 2017 (b/o)

J. C. Penney misses by $0.05, beats on revs; reaffirms FY18 EPS and comp guidance

• Reports Q2 (Jul) loss of $0.09 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus of ($0.04); revenues rose 1.5% year/year to $2.96 bln vs the $2.84 bln Capital IQ Consensus. 
  • Comparable sales declined (1.3)% vs. -1.1% estimates, resulting in a positive two-year stack of 0.9%.
• Co reaffirms guidance for FY18, sees EPS of $0.40-0.65 vs. $0.49 Capital IQ Consensus. The Company has updated its cost of goods sold guidance and reaffirmed the remaining 2017 full year guidance. Comparable store sales: expected to be -1 % to +1 %; COGS +30-50 bps.
• "We are pleased to deliver a top line sales increase of 1.5 % 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. Nearly all categories delivered improved sales results during the quarter, with our growth initiatives in beauty, home refresh and omnichannel continuing to deliver positive sales growth." Ellison continued, "During the second quarter, we liquidated inventory in 127 of our closing stores which had a negative impact on gross margin and EPS. These events were isolated to the second quarter. As such, we are reaffirming our EPS guidance for the year, and remain confident in our ability to further strengthen our balance sheet, while driving sustainable growth and long-term profitability for JCPenney. To that end, we are pleased that we are off to a strong start in August for the all-important back to school season. We are excited by this momentum and expect to deliver improved results in the back half of the year."

=J. C. Penney (JCP) reported earnings on Fri 24 Feb 17 (b/o)

 J. C. Penney beats by $0.03, reports revs in-line; guides FY18 EPS in-line with flat comps; plans to close 13-14% of stores :

• Reports Q4 (Jan) earnings of $0.64 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.61; revenues fell 0.9% year/year to $3.96 bln vs the $3.97 bln Capital IQ Consensus. Comparable store sales were (0.7)% for the quarter.
• Reported holiday comps down 0.8% and reaffirmed FY17 EBITDA in early January.
• Home, Sephora, Salon and Fine Jewelry were the Company's top performing merchandise divisions during the quarter.
• Geographically, the Southeast and Pacific were the best performing regions of the country.
• For the fourth quarter, gross margin was 33.1 % of sales vs./ 34.3% estiamtes, a 100 basis point decline compared to the same period last year. Gross margin was impacted primarily by increased promotional activity during the quarter, coupled with the continued growth in both online and major appliances. 
• Co issues in-line guidance for FY18, sees EPS of $0.40-0.65, excluding non-recurring items, vs. $0.58 Capital IQ Consensus Estimate. Comparable store sales: expected to be -1% to +1%, just below estimates; Gross margin: expected to be up 20 to 40 basis points versus 2016; SG&A dollars: expected to be down 1 to 2% versus 2016.
• Achieves $1 Billion in EBITDA for Full Year; a $477 Million Improvement.  
• Co expects to close two distribution facilities and approx. 130-140 stores over the next few months; expects annual cost savings of approx. $200 mln related to the closures (6.86) The total store closures represent ~13-14 % of its current store portfolio, less than 5% of total annual sales, less than 2% of EBITDA and 0% of net income.

==JC Penney (JCP) reports Nov/Dec comparable store sales declined

J. C. Penney reports Nov/Dec comparable store sales declined 0.8% YoY; reaffirms EBITDA target of $1 billion for fiscal 2016 :

Co reports nine-week November andDecember period comparable store sales declined 0.8% YoY. Co reaffirms EBITDA target of $1 billion for fiscal 2016.

Related management quotes:

• "The first three weeks of November proved to be challenging in stores,consistent with the trends in the broader retail industry. However, thebusiness improved and overall comp sales for the six-week period fromThanksgiving week through the end of December were positive. During the holidayseason we saw strength in appliances, outerwear, boots, toys, Sephora and finejewelry. However, weakness in women's apparel continued to impact ourperformance. We are also encouraged by a very strong performance in our e-commerce business, evidenced by double-digit growth."
• "As we prepare for a new fiscal year, our turnaround in profitability remains ontrack, and I am pleased that we expect to deliver our fourth consecutive quarterof positive operating profit."

=J. C. Penney (JCP) reported earnings on Fri 11 Nov 2016 (b/o)

J. C. Penney misses by $0.01, misses on revs; reaffirms positive adj. EPS, $1 bln in EBITDA for FY17 despite cutting comp, gross margin guidance :

• Reports Q3 (Oct) loss of $0.21 per share, excluding non-recurring items, $0.01 worse thanthe Capital IQ Consensus of ($0.20); revenues fell 1.4% year/year to $2.86 bln vs the $2.95 bln Capital IQ Consensus. 
• Comparable sales were (0.8)% for Q3 vs. ests above +2%, providing a two-year stack of 5.6 %.
  • For the quarter, Sephora, Home, Salon and Fine Jewelry were the Company's top performing divisions.
  • Geographically, the Pacific and Northwest were the best performing regions of the country.
• Gross margin was 37.2 % of sales, a 10 basis point decline compared to the same period last year.
• Guidance:
  • Comparable store sales: expected to now increase 1% to 2% down from +3-4%
  • Gross margin: expected to now be flat versus 2015 from +10-30 bps
  • SG&A dollars: expected to decrease versus 2015
  • Reaffirms EBITDA expected to be $1 billion and adjusted earnings per share: expected to be positive vs. $0.14 consensus.
• "We are pleased to see strong sales performance in the growth initiatives we discussed at our most recent analyst meeting. The results of these initiatives are reflected in a positive sales comp in the month of October, driven by over 200 basis points of comp benefit from our 500 new appliance showrooms. We view our October sales results - specifically our acceleration in the last two weeks of the month - and the benefit from appliances as examples of what we expect for the balance of the fourth quarter.

=J. C. Penney (JCP) reported earnings on Fri 26 Feb 2016 (b/o)

J. C. Penney beats by $0.17, reports revs in-line; guides FY17 EPS above consensus :

• Reports Q4 (Jan) earnings of $0.39 per share, $0.17 better than the Capital IQ Consensus of $0.22; revenues rose 2.6% year/year to $4 bln vs the $3.99 bln Capital IQ Consensus.
  • Same Store Sales +4.1 % in Fourth Quarter; +4.5% for Full Year
• Co issues upside guidance for FY17, sees EPS of expected to be positive vs. ($0.26) Capital IQ Consensus Estimate.

OutlooK: The Company's 2016 full year guidance is as follows:

• Comparable store sales: expected to increase 3-4%
• Gross margin: expected to increase 40 to 60 basis points versus 2015
• EBITDA: expected to be $1 billion
• Adjusted earnings per share: expected to be positive
• Free cash flow: expected to improve versus 2015

JC Penney (JCP) reported earnings Fri 13 Nov 2015 (b/o)

** charts before earnings **

** charts after earnings **

• 6 days later:  NR

J. C. Penney reports narrower-than-expected loss, revs in-line; reaffirms guidance :

• Reports Q3 (Oct) loss of $0.45 per share, $0.10 better than the Capital IQ Consensus of ($0.55); revenues rose 4.8% year/year to $2.9 bln vs the $2.88 bln Capital IQ Consensus.
  • As previously announced, same store sales increased 6.4% for the period.
  • Gross margin +70 bps y/y to 37.3%. 
• Reaffirms 2015 guidance for comparable store sales to increase 4%-5%, and for gross margin to improve 100 to 150 basis points.
• For the quarter, all merchandise divisions had positive comp sales gains overlast year. Men's, Home, Footwear, Handbags, and Sephora were among the Company'stop performing divisions.
• Geographically, all regions experienced sales growthcompared to the same period last year, with the best performance in the southernand western regions of the country.

Great trade : JCP +18% (9/15)

JC Penney (JCP) reported earnings Fri 14 Aug 2015 (b/o)

** charts before earnings **

** charts after earnings **

• Went up for 2 days after earnings, then sold off

Shares of J.C. Penney (JCP) rose Friday as the retailer continued its turnaround effort by reporting second-quarter results that topped Wall Street expectations and boosting its financial guidance for the full year.

Penney's stock closed up 5.58% at $8.52 as the Plano,Texas-based company reported more upbeat earnings than Macy's and other retail industry competitors.

Penney said net revenue totaled $2.88 billion, up from $2.80 billion during the same period last year, and above the $2.86 billion consensus forecast of financial analysts survey by Thomson Reuters.

The company reported that its loss for the quarter that ended Aug. 1 narrowed to $138 million, or 45 cents a share. That bettered the $172 million and 56 cents a share losses during the same period last year. Financial analysts had forecast a loss of 48 cents a share.

Same-store Penney sales  increased 4.1% year over year, topping the 3.89% gain forecast in the Thomson Reuters survey.

Penney raised its full-year earnings guidance to approximately $620 million, up from its previous $600 million estimate. The company also reiterated predictions that comparable same-store sales would increase 4% to 5% this year.

The Men's Home, Sephora and Fine Jewelry merchandise divisions were the top performers for the quarter, Penney said. All geographic regions experienced sales growth from last year, with the best performance in the western and central regions of the U.S., the company reported.

Penney has struggled after earnings fell during the watch of former CEO Ron Johnson, who scrapped popular Penney's brands and discounts. He was ousted in 2013, a decision that returned Penney veteran Mike Ullman as his successor. Ullman launched a new turnaround effort that included new merchandising, store renovations and a new home catalog.


Marvin Ellison, a former vice president of stores at Home Depot, was appointed as Penney's president and CEO-designee in November. Ellison succeeded Ullman, who became executive chairman, at the start of August.

JCP — is it a buy?

• 4/1/15:  Is JCP a buy?

 

• A few months later: the stock hasn't done much