J C Penney Company Inc (JCP) Key Developments | Reuters.com
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J C Penney Company Inc (JCP)

JCP on New York Consolidated

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29 Jun 2016
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Latest Key Developments (Source: Significant Developments)

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

J C Penney announces pricing of offering of senior secured notes
Thursday, 9 Jun 2016 04:20pm EDT 

J C Penney Company Inc : J C Penney announces pricing of offering of senior secured notes . Notes were priced at 100 pct of face amount for a yield to maturity of 5.875 pct .Priced its private offering of $500 million aggregate principal amount of 5.875 pct senior secured notes due 2023.  Full Article

J C Penney to offer $500 mln of senior secured notes
Thursday, 9 Jun 2016 07:32am EDT 

J C Penney : On june 9, J. C. Penney Corp Inc intends to offer $500 million aggregate principal amount of senior secured notes .To use proceeds, borrowings to repay entire outstanding principal balance of existing $2.25 billion five-year senior secured term loan.  Full Article

J C Penney announces plans to refinance $2.25 bln real estate term loan
Wednesday, 1 Jun 2016 08:00am EDT 

J C Penney Co Inc : Recent business performance has delivered positive comparable store sales quarter to date through memorial day . Senior secured term loan facility is currently set to mature in May 2018 . Company expects to complete refinancing transaction in June .J C Penney announces plans to refinance $2.25 billion real estate term loan.  Full Article

J C Penney on conf call - expect customer discretionary spending patterns will continue
Friday, 13 May 2016 09:40am EDT 

J C Penney Company Inc : CEO on conf call- overreliance on apparel in Q1 hurt us when weather was not conducive, customers preferred spending on experiences . Temperature in Feb warmer than expected leading us to take markdowns in March and April . On conf call - expect customer discretionary spending patterns will continue . CEO- "we will not apologize for our relentless efforts to reduce costs while protecting the top line" . CFO- "this was clearly a challenging quarter for retail driven by unseasonable weather and a changing consumer spending pattern" . CFO- Q1 gross margin impacted by markdowns associated with the unseasonable weather . Sephora, center core refresh, rebranded salons, expanded window offerings, appliances to have more impact in back half of year . Inventory build heavily weighted towards key growth initiatives including center core, beauty, athletic, footwear and handbags . On conf call - expect continued SG&A dollars savings for remainder of the year, but not to the magnitude of Q1 Further company coverage: [JCP.N] (Bengaluru Newsroom: +1 646 223 8780).  Full Article

J C Penney reports Q1 loss of $0.22 per share
Friday, 13 May 2016 08:11am EDT 

J C Penney Company Inc : For q1, gross margin was 36.2 % of sales. . 2016 comparable store sales expected to increase 3 % to 4 % . Q1 was clearly challenging from a sales perspective. . For q1, gross margin was 36.2 % of sales . "maintaining our annual comp guidance of 3 % to 4 % as a result of positive nature of our recent sales trends" . 2016 gross margin now, expected to increase 10 to 30 basis points . Gross margin was impacted by additional markdowns due to unseasonable weather, partially offset by an improvement in our clearance selling margin . "lowering our full year gross margin guidance to a 10 to 30 basis points increase for year" . J c penney company inc sees 2016 adjusted earnings per share expected to be positive . Lowering full year gross margin guidance reflecting rollout of appliances and rapid growth of online business . J c penney company inc sees 2016 free cash flow to improve versus 2015 . 2016 free cash flow: expected to improve versus 2015. . Fy earnings per share view $0.04 -- Thomson Reuters I/B/E/S . J c penney company inc sees turnaround remains on track . Comparable sales were down 0.4 % for q1. . Qtrly total net sales $ 2,811 million versus $ 2,857 million . Q1 revenue view $2.92 billion -- Thomson Reuters I/B/E/S . Qtrly adjusted loss per share $0.32 . Jcpenney reports a 63 percent increase in ebitda to $176 million and reaffirms full year ebitda guidance of $1 billion . Q1 loss per share $0.22.  Full Article

J C Penney Company Inc reaffirms FY 2015 comparable store sales; increases FY 2015 EBITDA guidance
Friday, 14 Aug 2015 07:45am EDT 

J C Penney Company Inc:Expects FY 2015 comparable store sales to increase 4 pct. to 5 pct.Expects FY 2015 EBITDA of about $620 million (compared to previous expectation of $600 million).  Full Article

J C Penney Company Inc announces senior management changes - Form 8-K
Tuesday, 21 Jul 2015 05:09pm EDT 

J C Penney Company Inc:Says that in accordance with its previously announced CEO succession plan, effective Aug. 1, the board has elected Marvin R. Ellison, as chief executive officer of the company.Says Ellison will succeed Myron E. Ullman, III who will become chairman of the board at that time.Says that in connection with these organizational changes, Thomas J. Engibous, currently chairman of the board, will become lead independent director on Aug. 1.  Full Article

Judge certifies class action over J C Penney Company Inc phantom discounts - Reuters
Tuesday, 19 May 2015 03:43pm EDT 

J C Penney Company Inc:A federal judge certified a class-action lawsuit that accuses J.C. Penney Company Inc of marking up retail prices on apparel and accessories to trick shoppers into believing they were getting big discounts when the items were advertised on sale - Reuters.In a decision, U.S. District Judge Fernando Olguin in Los Angeles said it was possible 'in one stroke' to determine whether J.C. Penney's advertising practices caused shoppers in California to buy items at discounts that proved illusory.The complaint accused the company of running a 'massive, years-long, pervasive campaign' to deceive shoppers about its pricing for private-label brands, and for outside brands such as Liz Claiborne, sold exclusively by the retailer.Lead plaintiff Cynthia Spann said she discovered this after buying three blouses for $17.99 each, a 40 pct discount from the 'original' $30 price, only to learn the price was never above $17.99 in the prior three months.Olguin certified a class of plaintiffs who bought private-label or exclusive items from J.C. Penney in California from Nov. 5, 2010 to Jan. 31, 2012 at discounts of 30 pct or more.These shoppers accused the retailer of violating state consumer protection laws.The Federal Trade Commission has said retailers are supposed to sell items at original prices for a 'reasonable length of time' before marking them down if they wish later to provide the original prices to consumers who compare prices.  Full Article

BRIEF-J C Penney CEO at Piper Jaffray Conf - customers limiting discretionary spending due to uncertainty in broad macroeconomy

* CEO at Piper Jaffray Conf - customers limiting discretionary spending due to uncertainty in broad macroeconomy