J. C. Penney Announces Fourth Quarter and Full Year 2019 Financial Results | Financial Buzz

J. C. Penney Announces Fourth Quarter and Full Year 2019 Financial Results

Today, J. C. Penney Company, Inc. (NYSE: JCP) reported its fourth-quarter and full-year period financial results, ended February 1, 2020.

The Company declared for the fourth-quarter for fiscal 2019 total net sales of USD 3.38 billion, decreased by 7.7% from the same period in fiscal 2018. Net income for the fourth-quarter was USD 27 million, or USD 0.08 per share, decreased from USD 75 million, or USD 0.24 per share, from last year.

For the fiscal year of 2019, J.C. Penney made public a 8.1% decreased net income of USD 10.72 billion, in comparison with USD 11.66 billion in the fiscal year of 2018. The net loss was announced as USD 268 million, or USD (0.84) per share, compared to a net loss of USD 255 million or USD (0.81) per share, last year.

Jill Soltau, Chief Executive Officer of JCPenney, said: “In Fiscal 2019, we met or exceeded all five financial guidance metrics for the year, and we delivered our third consecutive quarter of meaningful gross-margin improvement in the fourth quarter.”

 “I am encouraged by our progress, especially in our women’s apparel businesses. We knew it would take time to restore discipline and return growth to JCPenney. As we move into Fiscal 2020, we remain focused on the key tenets of retail as we continue rebuilding the Company and implementing our Plan for Renewal,” added the CEO.

For fiscal 2020, the Retailer expects the adjusted EBITDA to increase 5% to 10%, compared to the last year. However, the provided guidance of the Company, does not include any possible impact of the current Coronavirus COVID-19.

J.C. Penney is one of the nation’s largest apparel and home retailers, and includes over 850 stores in the United States and Puerto Rico, as well as its e-commerce site, jcp.com.