Home / Knowledge / News / Apparel/Garments / Apparel retailer JC Penney cuts Q2FY17 losses steeply
Apparel retailer JC Penney cuts Q2FY17 losses steeply
13
Aug '16
For its second fiscal quarter ended July 30, 2016, apparel retailer JC Penney reduced its net loss by a steep 52 per cent year over year to $56 million or $0.18 loss per share.

Excluding the previously announced write-off of unamortised debt issuance costs of $34 million, adjusted earnings per share improved 88 per cent over the earlier fiscal's same quarter to a loss of $0.05 per share.

The retailer said its comparable sales increased 2.2 per cent from a fiscal ago quarter for the reporting period, delivering a two-year stack of 6.3 per cent.

For the second quarter of fiscal 2017, gross margin was 37.1 per cent of sales, a 10 basis point improvement compared to the same period last fiscal.

EBITDA improved $85 million from the comparable quarter of fiscal 2016 to $229 million in the quarter under review, an expansion of 59 per cent.

Excluding restructuring charges and the proportional share of net income from the home office land joint venture, adjusted EBITDA improved 69 per cent year on year to $233 million. (AR)

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 26th May 2017

Lenzing unleashes new eco-friendly fibre

There's a new eco-friendly fibre on the anvil—Austrian speciality...

Apparel/Garments | On 26th May 2017

Benetton seeks approval for FDI in single-brand retail

Global fashion brand Benetton Group, has sought Indian government's...

Apparel/Garments | On 26th May 2017

Walmart to conduct GST workshops for SME suppliers

With the objective of supporting its small and medium-sized (SME)...

Interviews View All

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search