J.C. Penney Loss Narrows
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05/13/2015 | 05:26pm US/Eastern
J.C. Penney Co.'s first-quarter loss narrowed in about half as the retailer reported lower costs and an uptick in sales.
Sales at established stores rose 3.4%, below its revised projections of 3.5% to 4.5%, but within its earlier view of 3% to 5% growth.
Pointing to the improved performance, the Plano, Texas-based retailer, which has been trying to rebound from a calamitous overhaul, raised its projections for the year, saying it now expects sales at established stores to increase 4% to 5%, compared with its earlier view of 3% to 5%, and gross margin to improve 100 to 150 basis points, up from 50 to 100 basis points, previously. Free cash flow is expected to break even for the year.
Shares, down nearly 4% over the past 12 months, rose nearly 2% to $8.85 in late trading Wednesday.
In 2011, the department-store chain, under pressure from activist investors, turned to Ron Johnson, who had helped create the mystique around Apple Inc.'s retail operation, to succeed its retiring chief executive. The hiring was initially a boon to the company's stock, but Mr. Johnson's turnaround plans misfired. Sales, down about 3% in 2011 from the year earlier, fell nearly 25% in 2012 and nearly 9% in 2013.
J.C. Penney ousted Mr. Johnson in April 2013 and brought back his predecessor, Myron "Mike" Ullman.
In 2014, the retailer posted a 3% sales increase and said it hired Marvin Ellison, who helped turnaround Home Depot Inc. Mr. Ellison is slated to succeed Mr. Ullman in August.
In 2014, J.C. Penney reported $87 million in restructuring and management transition charges, down from $215 million in 2013 and $298 million in 2012, according to regulatory filings.
In the latest period, the company reported $22 million in restructuring-related charges, unchanged from the year-ago period.
Overall, for the period ended May 2, J.C. Penney reported a loss of $167 million, or 55 cents a share, compared with a loss of $352 million, or $1.15 a share, a year earlier.
Excluding restructuring-related charges and other items, the loss was 57 cents a share, compared with a loss of $1.16 a share a year earlier.
Sales rose 2% to $2.86 billion.
Analysts surveyed by Thomson Reuters projected a loss of 76 cents a share on $2.87 billion in sales.
Gross margin improved to 36.4% from 33.1% a year earlier.
In the latest period, women and men's apparel along with home were the top-performing categories, the company said, while cosmetics chain Sephora locations at its stores continued to do well and all geographic regions posted higher sales.
Inventory fell 0.85% to $2.81 billion.
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