Home / Knowledge / News / Apparel/Garments / JC Penny's fiscal Q1 EBITDA rises 63% to $176 m
JC Penny's fiscal Q1 EBITDA rises 63% to $176 m
17
May '16
Courtesy: JC Penny
Courtesy: JC Penny
Apparel and home furnishings retailer JC Penny reported a rise of 63 per cent in earnings before interest, taxes, depreciation and amortisation (EBITDA) to $176 million in fiscal first quarter, ended April 30, 2016, as compared to $108 million in the corresponding quarter last fiscal.

Net loss for the quarter showed an improvement of 55 per cent to $68 million as compared to $150 million loss in Q1 last fiscal, ended May 2, 2015.

Operating loss for the current quarter fell to $22 million as compared to $46 million loss in the same period last fiscal, showing an improvement of over 100 per cent.

The results showed remarkable improvement despite a fall of 1.6 per cent in JC Penny’s net sales for the quarter. Net sales fell to $2,811 million as compared to $2,857 million last fiscal.

“The first quarter was clearly challenging from a sales perspective,” Marvin Ellison, CEO of JC Penny said. “The teams did an excellent job of proactively managing the business throughout the quarter to ensure we remained a fiscally disciplined organisation. As a result, we exceeded our profitability expectations, achieving a 63 per cent increase in EBITDA to $176 million for the quarter.”

“While our first quarter sales were below our expectations, we are maintaining our annual comp guidance of 3 per cent to 4 per cent growth as a result of positive nature of our recent sales trends, the strength of our Sephora business and our decision to accelerate our appliance rollout,” he informed.

“Accordingly, we are reaffirming our $1 billion in EBITDA for 2016,” Ellison added. (MCJ)

Fibre2Fashion News Desk - India


Must ReadView All

Courtesy: European Commission/European Union

Textiles | On 26th May 2018

EU set to negotiate FTAs with Australia & New Zealand

The European Union is all set to begin negotiations for free trade...

US bans import of cotton goods from Turkmenistan

Textiles | On 26th May 2018

US bans import of cotton goods from Turkmenistan

The US Customs and Border Protection (CBP) has issued a Withhold...

FPCCI prepares report on Pakistan's export issues

Textiles | On 26th May 2018

FPCCI prepares report on Pakistan's export issues

Federation of Pakistan Chambers of Commerce and Industry (FPCCI)’s...

Interviews View All

Top executives
Textile industry

GST has levelled the playing field to an extent

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Sonam & Paras Modi
SVA

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

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

Leave your Comments


May 2018

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

news category


Related Categories:

Advanced Search