Home / Knowledge / News / Apparel/Garments / JC Penney gross margins up in Q4 FY'14
JC Penney gross margins up in Q4 FY'14
27
Feb '14
J. C. Penney Company, Inc. announced financial results for its fiscal fourth quarter and full year ended Feb. 1, 2014.
 
For the fourth quarter, JCPenney reported net sales of $3.78 billion compared to $3.88 billion in the fourth quarter of 2012, which included the additional 53rd week. 
 
Comparable store sales rose 2.0 % for the quarter, which represented a sequential improvement of 680 basis points when compared to the third quarter of fiscal 2013. Online sales through jcp.com were $381 million for the quarter, up 26.3 % versus the same period last year, excluding the 53rd week.
 
Home, men's apparel, women's accessories and Sephora inside JCPenney were the Company's top performing merchandise divisions.
 
For the quarter, gross margin was 28.4 % of sales, compared to 23.8 % in the same quarter last year, representing a 460 basis point improvement.  
 
Gross margin included a negative impact of 190 basis points associated with the discontinuation of brands that are not part of the Company's go-forward merchandising strategy, of which 90 basis points was related to the de-valuing of discontinued brand inventory at year end.
 
Gross margin was also negatively impacted by higher than anticipated clearance markdowns taken late in the quarter.
 
SG&A expenses for the quarter were approximately $1 billion, down 17.0 % from the fourth quarter of 2012.
 
The Company incurred $50 million in restructuring and management transition charges, including $22 million in Home office and stores, $5 million in management transition and $23 million of other.
 
In the fourth quarter, the Company recognized a tax benefit of $270 million primarily related to gains resulting from the annual re-measurement of the pension plan. This tax benefit was offset by tax expense recorded for such gains in other comprehensive income.  
 
Click here to view full results.
 
 

JC Penney

Must ReadView All

Courtesy: Delta Apparel

Apparel/Garments | On 31st Aug 2016

Delta Apparel acquires clothing brand Coast

Delta Apparel said it has bought a majority of assets in clothing...

Textiles | On 31st Aug 2016

Trützschler showing new technologies at ITMA ASIA

German textile machinery producer Trützschler will be showing new and ...

Courtesy: Textile Asia

Textiles | On 31st Aug 2016

$350mn worth of deals struck at Textile Asia fair in

The 16th International Textile Asia Exhibition in Pakistan ended with ...

Interviews View All

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

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
August 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search