Penney Spikes on Q3 Numbers

J C Penney Company (NYSE:JCP) announced the following financial results for its fiscal third quarter ended Nov. 2, 2019

Total net sales decreased 10.1 % to $2.38 billion compared to $2.65 billion for the quarter ended Nov. 3, 2018. Comparable store sales decreased 9.3 % for the quarter.

Adjusted comparable store sales, which exclude the impact of the Company’s exit from major appliance and in-store furniture categories, decreased 6.6 % for the quarter. Credit income was $116 million for the third quarter this year compared to $80 million in the third quarter last year.

For the third quarter, the Company’s net loss improved from a net loss of $151 million, or $0.48 per share last year to a net loss of $93 million, or $0.29 per share, this year.

Adjusted net loss was $97 million, or $0.30 per share, this year compared to an adjusted net loss of $164 million, or $0.52 per share, last year.

Cash and cash equivalents at the end of the third quarter were $157 million. Free cash flow was $518 million for the first nine months this year, a decrease of $18 million compared to the same period last year.

Said CEO Jill Soltau, "We are beginning to see results – both in our numbers and how we operate as a business – from the early implementation of our Plan for Renewal, which is focused on driving traffic, offering compelling merchandise, providing an engaging experience, fueling growth, and building a results-minded culture."

Shares gathered nine cents, or 8.2%, to $1.19