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Adjusted EBITDA soars sky high in FY15 at JC Penny
29
Feb '16
Courtesy: JC Penny
Courtesy: JC Penny
JC Penny, an apparel and home furnishing retailer based in the US, reported a rise of 155 per cent in its net earnings before interest, taxes, depreciation and amortisation (EBITDA) to $715 million in fiscal 2015, ending on January 30, 2016, as compared to $280 million in the prior fiscal, according to a press statement released by the retailer.

The diluted EPS reported by JC Penny for this fiscal was $1.68, a fall of 28.5 per cent, as compared to $2.35 in fiscal 2014, ending on January 31, 2015.

Gross margin for FY15 was 36 per cent, a rise of 3.44 per cent as compared to 34.8 per cent in the prior fiscal.

Net income was reported to be $513 million, a fall of 28.5 per cent, as compared to $717 million in FY14. Net sales stood at $12,625 million in the year ending on January 30, 2016 as compared to $12,257 million in the prior fiscal, a rise of 3 per cent.

Commenting on the results, Marvin Ellison, chief executive officer of JC Penny said, “Our focus on private brands, omni-channel and revenue per customer is clearly resonating as we continue to win market share in a competitive environment.”

“While significant work remains to regain our status as a world-class retailer, the company’s financial performance this year indicates we are on the right path to achieving our long-term financial objectives,” he added.

In its outlook for fiscal 2016, the retailer expects its EBITDA to be $1 billion and its adjusted EPS to be positive. (MCJ)

Fibre2Fashion News Desk – India

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