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J C Penney Company Inc (JCP.N)

JCP.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Debora plunkett joins J C Penney board of directors
Thursday, 2 Mar 2017 04:30pm EST 

J C Penney Company Inc : Debora Plunkett joins J C Penney board of directors .Says Colleen Barrett, president emeritus of Southwest Airlines Co., will retire from board at end of her term.  Full Article

J C Penney says to close 130-140 stores over next few months
Friday, 24 Feb 2017 07:24am EST 

J C Penney Company Inc : J C Penney announces plan to optimize retail operations, advance growth and drive profitability . J C Penney Company Inc says under plan, company expects to close two distribution facilities and approximately 130 - 140 stores over next few months . J C Penney Company Inc - decided to initiate a voluntary early retirement program for approximately 6,000 eligible associates . J C Penney Company Inc - as a result of store actions, J C Penney will close a distribution center located in Lakeland, Fla. In early June . J C Penney - total store closures represent approximately 13 - 14 % of company's current store portfolio, less than 5% of total annual sales . J C Penney Company - also is in process of selling its supply chain facility in Buena Park, Calif. In an effort to monetize a lucrative real estate asset . J C Penney Company Inc says associates who will be impacted by store and distribution center closures will receive separation benefits . J C Penney Company Inc - total store closures represent approximately less than 2% of EBITDA and 0% of net income . J C Penney Company Inc - annual cost savings resulting from these strategic decisions are estimated at approximately $200 mln . J C Penney Company Inc - during first half of 2017, company expects to record an estimated pre-tax charge of approximately $225 mln.  Full Article

J C Penney reports Q4 adjusted earnings of $0.64/shr
Friday, 24 Feb 2017 07:00am EST 

J C Penney Company Inc : J C Penney reports positive net income for fiscal 2016; a $514 million increase compared to the prior year . Q4 adjusted earnings per share $0.64 . Qtrly earnings per share $0.61 . Q4 earnings per share view $0.61 -- Thomson Reuters I/B/E/S . Q4 sales $4.0 billion versus I/B/E/S view $3.98 billion . Q4 total net sales $3,961 million versus $3,996 million last year . J C Penney Company Inc - comparable store sales were down 0.7 percent for Q4 . J C Penney Company Inc - Comparable store sales for FY expected to be down 1 percent to up 1 percent . J C Penney Company Inc - 2017 adjusted earnings per share expected to be $0.40 to $0.65 . J C Penney Company Inc - for Q4, gross margin was 33.1 percent of sales, a 100 basis point decline compared to same period last year . FY earnings per share view $0.56 -- Thomson Reuters I/B/E/S . J C Penney Company Inc - Inventory at year-end was $2.85 billion, an increase of 4.9 percent compared to last year-end . J C Penney Company Inc - 2017 full year gross margin expected to be up 20 to 40 basis points versus 2016 .J C Penney Company Inc - Company's 2017 full year guidance includes expected impact of store closures.  Full Article

J C Penney Co spokeswoman- no intention of discontinuing relationship with Welspun
Monday, 3 Oct 2016 11:00am EDT 

J C Penney Co Inc : Says no intention of discontinuing relationship with welspun, offering refund on certain Royal Velvet items made by Welspun . Spokeswoman - Welspun unable to provide assurances needed to confirm that 100 percent of cotton fibers used were Egyptian grown Further company coverage: [JCP.N] ((bangalore.newsroom@thomsonreuters.com;)).  Full Article

JC Penney - CEO Marvin Ellison purchases of 50,000 shares in open market
Thursday, 25 Aug 2016 02:07pm EDT 

J C Penney Co : CEO Marvin Ellison reports open market purchase of 50,000 shares of co's common stock on August 25 - sec filing .CEO Marvin Ellison purchased shares in multiple transactions at prices ranging from $9.90 to $9.94.  Full Article

J C Penney Co forecasts 2019 EPS $1.40-$1.55- analyst day
Wednesday, 17 Aug 2016 01:54pm EDT 

J C Penney Company Inc : JCP leverages advantage of existing infrastructure for buy online, ship to store; 1/3 jcp.com orders picked up this way - analyst day . Expect 40% of sales from JCP credit card, expect to drive it to 45-50% by 2019 . Forecasts 2019 EPS $1.40-$1.55, gross margin to grow 75-100 basis points . Value, beauty, special sizes & home are foundation of growth plan to achieve $1.2-$1.7 billion in sales growth over nxt 3 yrs - analyst day . Executive- "at some point we'd like to be a dividend company, buy back shares ...think we are a couple of yrs away from that " Further company coverage: [JCP.N] ((bangalore.newsroom@thomsonreuters.com;)).  Full Article

J C Penney Q2 loss per share $0.05
Friday, 12 Aug 2016 07:30am EDT 

J C Penney Company Inc : Q2 loss per share $0.05 excluding items . Q2 earnings per share view $-0.15 -- Thomson Reuters I/B/E/S . J C Penney reports a 2.2 percent increase in comparable sales for the second quarter 2016 . Q2 loss per share $0.05 . Company reaffirms its 2016 guidance . Fy2016 earnings per share view $-1.20, revenue view $12.62 billion -- Thomson Reuters I/B/E/S . Comparable sales increased 2.2 % for Q2 . For Q2, gross margin was 37.1 % of sales, a 10 basis point improvement compared to same period last year . "for quarter, Sephora, home, and footwear and handbags were company's top performing divisions" . Qtrly total net sales $2.92 billion versus $2.88 billion .Q2 revenue view $2.93 billion -- Thomson Reuters I/B/E/S.  Full Article

Jcpenney appoints Marvin Ellison as chairman
Thursday, 21 Jul 2016 04:15pm EDT 

J C Penney Company Inc : Ellison succeeds Myron E. (Mike) Ullman, III who will be retiring in accordance with transition plan that company outlined in 2014 . Ronald W. Tysoe, who has served on board since 2013, will continue as company's lead independent director .Jcpenney appoints Marvin R. Ellison to succeed Myron E. (mike) ullman, iii as chairman.  Full Article

JCPenney announces successful closing of real estate term loan refinance
Thursday, 23 Jun 2016 04:20pm EDT 

J C Penney Company Inc :JCPenney announces successful closing of real estate term loan refinance.  Full Article

J C Penney CEO at Piper Jaffray Conf - customers limiting discretionary spending due to uncertainty in broad macroeconomy
Wednesday, 15 Jun 2016 11:33am EDT 

J C Penney Company Inc : CEO at Piper Jaffray Conf - customers limiting discretionary spending due to uncertainty in broad macroeconomy . CEO at Piper Jaffray Conf - Memorial Day weekend was positive, feel good about where we are . CEO at Piper Jaffray Conf - "we are not going to repeat mistakes of the past" . CEO at Piper Jaffray Conf - ready to roll out a new mobile app, "that's something we desperately need" . CEO at Piper Jaffray Conf - will have buy online, pick up in store same day rolled out in all stores by end of august . CEO - "there's a major comeptitor out there that's donating share (of appliance market), we'll be in a good position to pick a lot of that" . CEO - a third of customers who purchased appliances are new customers for co Further company coverage: [JCP.N] (Bengaluru Newsroom: +1 646 223 8780).  Full Article

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BRIEF-J C Penny says 5000 positions nationwide to be impacted by store closures

* says about 5,000 positions nationwide will be impacted by store closures, most of which will occur in June.