0.6860 -0.01 (-0.97%)
After hours: 7:47PM EST
|Bid||0.6670 x 1100|
|Ask||0.6850 x 1100|
|Day's Range||0.6200 - 0.7220|
|52 Week Range||0.5300 - 1.9200|
|Beta (5Y Monthly)||1.71|
|PE Ratio (TTM)||N/A|
|Earnings Date||May 18, 2020 - May 24, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Apr 04, 2012|
|1y Target Est||0.89|
Shares of the 117-year-old department store chain, which have lost 35% of their value this year, were down roughly 7% in morning trading. Plano, Texas-based Penney has struggled for years to excite consumers with its mid-priced range of apparel, and has lost a lot of shoppers to online behemoths like Amazon.com Inc and off-price retailers like TJX Cos Inc as it reworks its business strategy. Under Chief Executive Officer Jill Soltau, Penney has shut unprofitable stores, ditched selling major appliances last year to sharpen its focus on more profitable apparel sales, and is testing a new store model that includes a yoga studio, a videogame lounge and lifestyle workshops.
J. C. Penney Company Inc.'s fourth-quarter earnings trounced analysts' expectations — but it was not enough to mollify investors, who appear to have lost faith in the retailer's ability to turn around its business.As of 10:30 a.m. ET, the Plano, Texas-based firm's stock was down more than 10% to 65 cents. It posted adjusted earnings per share of 13 cents — versus Wall Street's anticipated loss of 6 cents — on profits of $43 million, compared with last year's $57 million. Revenues, however, decreased 7.7% to $3.38 billion, versus consensus bets of $3.44 billion.The retailer has struggled for several quarters with declining sales, leadership changes and digital competition that spooked investors and pushed its stock below $1 — putting it at risk of delisting from the New York Stock Exchange.JCPenney also expects further sales declines and store closures this year: Today, it announced that it would shutter at least six of its outposts in 2020. It also anticipates a drop in full-year comps in the range of 3.5% to 4.5%.Since taking the helm in October 2017, CEO Jill Soltau has shut down underperforming stores and hired new talent to revive the business. The company also hired debt restructuring advisers in mid-July as part of its turnaround plan.Further, JCPenney recently doubled down on its women's business, relaunching the in-house label A.n.a with a fresh focus on size-inclusive denim, as well as partnered with ThredUp in August to offer online consignment firm's secondhand apparel and accessories at 30 of its stores."I am encouraged by our progress, especially in our women's apparel businesses," CEO Jill Soltau said today. "We knew it would take time to restore discipline and return growth to JCPenney."Last week, JCPenney made the S&P Global Market Intelligence's "most vulnerable" publicly traded retailers list. It also saw yesterday the departure of Shawn Gensch as EVP and chief customer officer after just nine months on the job.Want more?Struggling JCPenney Sees Chief Customer Officer Resign After Just Nine MonthsWhy S&P Says Nordstrom and JCPenney Are 'Vulnerable Retailers'JCPenney's Latest Turnaround Effort? Rebooting Its Private Women's LabelMore from Footwear News * Struggling JCPenney Sees Chief Customer Officer Resign After Just Nine Months * Where Macy's, Nordstrom and Other Department Stores Struggled This Quarter * Why S&P Says Nordstrom and JCPenney Are 'Vulnerable Retailers'
J.C. Penney beat Wall Street's fiscal-fourth-quarter earnings expectations on 7.7% lower sales and 7% lower comparable sales. The Plano, Texas, retailer's shares at last check were up 1.5% at 74 cents. For the quarter ended Feb. 1 J.C. Penney reported net income of $27 million, or 8 cents per share, down from $75 million, or 24 cents, in the year-earlier period.
Penney (JCP) delivered earnings and revenue surprises of 262.50% and 1.48%, respectively, for the quarter ended January 2020. Do the numbers hold clues to what lies ahead for the stock?
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J.C. Penney Co Inc on Thursday reported a smaller-than-expected fall in quarterly comparable sales, buoyed by demand for women's apparel. Sales at stores open for more than a year fell 7% in the fourth quarter ended Feb. 1, compared with expectations of a 7.3% slide, according to data from IBES Refinitiv.
J.C. Penney Co. Inc. stock jumped nearly 3% in Thursday premarket trading after the department store retailer reported fourth-quarter earnings and revenue that exceeded expectations. Net income totaled $27 million, or 8 cents per share, down from $75 million, or 24 cents per share, last year. Adjusted EPS was 13 cents. FactSet was guiding for a loss of 6 cents. Revenue of $3.49 billion was down from $3.79 billion last year but ahead of the $3.38 billion FactSet guidance. Same-store sales fell 7%, compared with the FactSet outlook for a 7.3% decline. J.C. Penney expects to close at least six stores in fiscal 2020. For 2020, J.C. Penney is guiding same-store sales to decline in a range of 3.5% to 4.5%. The FactSet outlook is for a 7.7% decline. J.C. Penney stock has tumbled 41.2% over the past 12 months while the S&P 500 index has gained 11.6% for the period.
PLANO, Texas, Feb. 27, 2020 -- J. C. Penney Company, Inc. (NYSE: JCP) today announced financial results for its fiscal quarter and full year period ended Feb. 1, 2020: Fourth.
NEW YORK, NY / ACCESSWIRE / February 27, 2020 / J. C. Penney Co., Inc. (NYSE:JCP) will be discussing their earnings results in their 2019 Fourth Quarter Earnings call to be held on February 27, 2020 at ...
After only nine months, Shawn Gensch has resigned from his post as JCPenney EVP and chief customer officer.Gensch started at the Plano, Texas-based firm in June, reporting directly to CEO Jill Soltau. Gensch had recently held the same role at Sprouts Farmers Market and had previously worked for Target Corp. for a decade. As JCP's chief customer officer, he led all aspects of the company's marketing strategies and initiatives."Shawn Gensch resigned from his position as executive vice president and chief customer officer at JCPenney," a JCPenney spokesperson told FN. "The company thanks Shawn for his contributions in developing the Plan for Renewal and building a strong team of marketing leaders."Upon Gensch's hiring last spring, Soltau said she expected him to be "instrumental in developing a compelling brand identity that builds meaningful connections with new shoppers, and strengthens relationships with our most loyal customers."Gensch's departure comes amid ongoing struggles for JCPenney, which made the list of S&P Global Market Intelligence's "most vulnerable" publicly traded retailers earlier this month. As parts of its turnaround plan, the chain hired debt restructuring advisers in July and announced a ThredUp partnership in August, with 30 of its stores offering a selection of the consignment company's secondhand product. JCP also last month announced plans to close six stores.The company hasn't posted a sales gain since the 2017 holiday season but appeared to be showing modest signs of hope in its third-quarter earnings report, posting narrower-than-expected losses and upgrading its full-year outlook. The retailer will report its Q4 earnings on Thursday; analysts expect adjusted losses per share of $0.06 cents, with revenues of $3.44 billion. JCP shares are currently trading at less than $1, putting the firm at risk of delisting from the New York Stock Exchange.Want more?JCPenney's Latest Turnaround Effort? Rebooting Its Private Women's LabelMore from Footwear News * Where Macy's, Nordstrom and Other Department Stores Struggled This Quarter * Why S&P Says Nordstrom and JCPenney Are 'Vulnerable Retailers' * JCPenney's Latest Turnaround Effort? Rebooting Its Private Women's Label
Rating Action: Moody's affirms nine and downgrades three classes of WFRBS 2012- C10. Global Credit Research- 25 Feb 2020. Approximately $994 million of structured securities affected.
Affirm one interest only (IO) class based on the credit quality of its referenced classes. Downgrade one IO class based on the credit quality of its referenced classes. Moody's rating action reflects a base expected loss of 5.1% of the current pooled balance, compared to 4.3% at Moody's last review.
A flurry of traditionally brick-and-mortar retailers are scheduled to release their financial results this week and next, as the fourth-quarter earnings season comes to a close.While Macy's Inc. and J.C. Penney Company Inc. are expected to post their quarterly reports on Tuesday and Thursday, respectively, investors will also keep a close eye on Kohl's Corp., whose results are due out next Tuesday, as well as Nordstrom Inc.'s numbers, to be delivered next Wednesday.Shifting consumer demands and increasing competition from e-commerce giants continue to put pressure on major chains — many of which have faced slower foot traffic and resorted to widespread store closures. Further, the deadly coronavirus outbreak has brought about uncertainty in retail's foreseeable future, while a number of big-name players continue to feel the effects of a mixed or disappointing holiday shopping season as they lose out to off-price and discount merchants."Larger picture, the narrative remains consistent," JPMorgan analyst Matthew Boss explained in a distribution note on Monday. "The consumer [is] on solid footing, [and there is] a clear bifurcation between winners and losers across the retail sector — off-price, discount [and] athletic [are] greater than department stores [and] mall-based specialty."Other analysts, including Morgan Stanley's Kimberly Greenberger, were more positive on the kickoff to the fiscal year. "Our store checks also suggest leaner inventory coming out of 2019 — a signal that department stores have worked through a portion of overhang and a positive for first-half 2020 merchandise margin," she said in a note released Thursday. "While we don't see potential for a complete turnaround, weather and traffic tailwinds could help offset ongoing sales deterioration for a few months."Here, what to expect from the retailers logging earnings results this week. Macy'sAs it embarks on its ambitious turnaround plan, Macy's has faced analysts' skepticism. This month, both S&P Global Ratings and Fitch Ratings lowered the retailer's long- and short-term issuer credit ratings. "While we believe management’s strategic plan is a necessary step toward rightsizing the enterprise, it demonstrates to us that the company's competitive advantage has diminished more than we expected, and to a point that we no longer believe is consistent with an investment-grade rating," S&P wrote in its research note.S&P's downgrade came two weeks after Macy's outlined on its investor day a three-year turnaround plan that included trimming 125 stores from its total footprint, cutting 2,000 jobs — or about 9% of its corporate workforce — and ramping up investments in both higher-margin private labels and off-price through Macy's Backstage. The retailer will also shutter its Cincinnati headquarters and San Francisco tech office, relocating some of these jobs to its new home base of New York City. Macy's said it expects these moves to save the company $1.5 billion annually by the end of fiscal 2022."Over the past three years, we have shown we can grow the top line; however, we have significant work to do to improve the bottom line," chairman and CEO Jeff Gennette said in a statement on Feb. 4. "We are confident the strategy we are announcing today will allow us to stabilize margin in 2020 and set the foundation for sustainable, profitable growth."Q3 performance: In its third-quarter earnings report ended Nov. 2, the company logged its first same-store sales decline in two years and slashed its guidance for the full year. Macy's execs blamed the disappointing results on the warmer fall season, coupled with slowing foot traffic, amid a broader shift from brick-and-mortar to online retail.Earnings and revenue estimates: Analysts are betting on earnings of $1.96 per share and $8.32 billion in revenues. NordstromJust last week, Nordstrom was ranked among the "most vulnerable" publicly traded retailers in America. The S&P Global Market Intelligence, which released on Wednesday its monthly retail outlook report, analyzed retailers' one-year and two-year probability of default on loans, or the likelihood that the companies will not be able to make its scheduled repayments on time.However, amid a rapidly changing retail landscape characterized by widespread store closures and the rise of e-commerce, Nordstrom has arguably managed to stay ahead of many of its competitors. The Seattle-based retailer has often been lauded for its innovative concepts and omnichannel savvy, including its pioneering of the "buy online, pick up in store" service, revamped loyalty program and experiential store offerings.What's more, in the past couple years, Nordstrom has invested more resources into BOPIS and curbside pickup, opened small-format stores. However, it has also expanded its brick-and-mortar footprint — a selling channel that, in the past few years, has been struggling to cope with the shift to e-commerce — with the October launch of its 320,000-square-foot women's flagship in New York City.Q3 performance: Nordstrom offered a glimmer of hope for a battered retail sector when it reported on Nov. 21 earnings that bested Wall Street's forecasts and revenues that met consensus bets. The retailer noted improvements in its loyalty program, digital marketing efforts and merchandise assortment as well as touted its anniversary shopping event and off-price business.Earnings and revenue estimates: Estimates put Nordstrom's earnings at $1.47 per share and revenues at $4.56 billion. Kohl'sAmid sluggish sales, Kohl's has made the decision two weeks ago to lay off 250 workers, including a number of regional store leaders and members of its merchant organization. The chain also announced changes to other positions in its corporate offices as part of its broader restructuring. (The firm said it would offer severance packages and outplacement services to the employees affected and will not be closing stores or offices.)Despite the launch of niche labels and a high-profile partnership with Amazon, Kohl's turnaround plan has yet to yield the anticipated results. Since she stepped into the top role in May 2018, CEO Michelle Gass has made it a top priority to win over millennial and Gen Z consumers. The chief has put an emphasis on growing the retailer's digital sales, which increased at a mid-teens rate in the third quarter. Mobile served as the primary source of gains, with a particularly solid performance from the Kohl's app. (The app nearly doubled in traffic growth and tripled in sales growth.)"I think it's absolutely critical for us to protect, preserve and grow the core customer base while we complement with this newer and arguably younger customer for the future," Gass said in Kohl's third-quarter conference call. "We have to do both."Q3 performance: For the period ended Nov. 2, Kohl's recorded a mixed quarter with profits that missed forecasts and revenues that topped expectations. The company cited the heightened promotional environment in Q3 coupled with a decline in its women's category as well as higher costs related to a significant number of brand launches, early holiday hiring and the Amazon Returns program.Earnings and revenue estimates: Analysts anticipate earnings per share of $1.88 and revenues of $6.52 billion. JCPenneyLike Nordstrom, JCPenney made the S&P Global Market Intelligence's "most vulnerable" publicly traded retailers list last week. It was also among the retailers to announce store closures amid turnaround efforts. The Plano, Texas-based firm, which is currently undergoing "a careful and ongoing review of our store portfolio," seeks to return to profitability following consecutive quarters of earnings losses. (JCPenney hasn't logged a sales gain since the 2017 holiday season.)Since taking the helm in October 2017, CEO Jill Soltau has shut down underperforming stores and hired new talent to revive the business. JCPenney also hired debt restructuring advisers in mid-July as part of its turnaround plan. It also announced a partnership with ThredUp in August, arranging for 30 of its stores to offer a selection of the online consignment firm's secondhand apparel and accessories."As I've said, we are not simply running a business, we are rebuilding a business, and it will take time," Soltau said during the company's Q3 earnings conference call.Q3 performance: A narrower-than-expected third-quarter loss and upgraded full-year outlook reported on Nov. 2 lifted JCPenney's stock into the green. It signaled hope for the chain, which had struggled for multiple quarters with declining sales, leadership changes and digital competition that spooked investors and pushed its stock below $1 — putting it at risk of delisting from the New York Stock Exchange.Earnings and revenue estimates: Wall Street is forecasting a loss of $0.06 with revenues of $3.44 billion.Want more?Consumers Are Spending More — Just Not at Clothing StoresIs All Hope Lost for Department Stores? Why Moody's Says the Prospects Are 'Bleak'If Holiday Sales Were Strong, Why Are So Many Retailers Reporting Sluggish Revenues?More from Footwear News * Why S&P Says Nordstrom and JCPenney Are 'Vulnerable Retailers' * Analysts Lost Faith in Macy's Before It Even Started Its Turnaround Plan * From Nordstrom to Gucci, Why So Many Brands Are Turning to Temporary Retail Right Now
J. C. Penney's (JCP) soft comps during the holiday season and the exit from major appliance and in-store furniture categories might have hurt fourth-quarter fiscal 2019 performance.
Coronavirus developments, consumer sentiment surveys, the second print on fourth-quarter U.S. gross domestic product and a slew of corporate earnings results will draw investor focus this week.
Penney (JCP) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
The ratings on six P&I classes were affirmed because the transaction's key metrics, including Moody's loan-to-value (LTV) ratio, Moody's stressed debt service coverage ratio (DSCR) and the transaction's Herfindahl Index (Herf), are within acceptable ranges. The rating on the IO class was affirmed based on the credit quality of its referenced classes.
Moody's rating action reflects a base expected loss of 3.8% of the current pooled balance, compared to 3.0% at Moody's last review. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating.
J. C. Penney Company, Inc. (JCP) announced today that it will report its fourth quarter and fiscal year 2019 financial results before the opening of financial markets on Thursday, February 27, 2020. The Company will webcast a live conference call that will begin at 8:30 a.m. ET. The webcast, along with the associated slide presentation, will be made available on the Company’s investor relations website at https://ir.jcpenney.com.
Rating Action: Moody's affirms twelve classes of WFCM 2013- LC12. Global Credit Research- 18 Feb 2020. Approximately $1.09 billion of structured securities affected.
The ratings on the remaining P&I classes were affirmed because the transaction's key metrics, including Moody's loan-to-value (LTV) ratio, Moody's stressed debt service coverage ratio (DSCR) and the transaction's Herfindahl Index (Herf), are within acceptable ranges. The rating on the IO class was affirmed based on the credit quality of its referenced classes.
Businesses big and small are facing pressure from the coronavirus, as many grapple with supply chain issues. Baobab Polo Co-Founder, Marcellus Alexander joins Yahoo Finance's Dan Roberts and Kristin Myers, along with BigEyedWish Founder Ian Wishingrad, to discuss.
J.C. Penney joined the parade of traditional retailers reporting weak holiday results, and it sees lackluster sales for the year. The 117-year-old department store chain's quarterly profit, same-store sales and revenue slid. But strength in its women's apparel business enabled those results to beat analysts targets. That's the area CEO Jill Soltau is focusing on as her struggling company shut down unprofitable stores and stopped selling appliances. The company also aims to lure younger shoppers, and it's testing a new store model that includes a yoga studio and a videogame lounge. J.C. Penney expects its comparable store sales to fall again this year, shrinking 3.5% to 4.5%. While that's slower than last year's decline, it's a sharper decline than Wall Street expected. And that forecast does not account for any potential impact from the coronavirus outbreak, which Soltau said is "too early to quantify." J.C. Penney shares fell at the market open Thursday, deepening their nearly 35% loss this year.