Home / Knowledge / News / Apparel/Garments / JC Penney posts FY19 net sales of $10.72 billion

JC Penney posts FY19 net sales of $10.72 billion

28
Feb '20
Pic: JC Penney
Pic: JC Penney
JC Penney, an apparel and home retailer company, posted 7 per cent decrease in comparable sales in Q4 FY19 to $3.38 billion compared to same quarter prior year. For full FY19 that ended on February 1, 2020, total net sales fell 8.1 per cent to $10.72 billion compared to $11.66 billion in fiscal 2018. Comparable store sales decreased 7.0 per cent in Q4.
 
"I am encouraged by our progress, especially in our women's apparel businesses. We knew it would take time to restore discipline and return growth to JCPenney," Jill Soltau, chief executive officer of JC Penney, said in a press release.
 
Credit income in Q4 FY19 was $109 million compared to $121 million same period last year. Selling, general and administrative (SG&A) expenses for the quarter were reported at $1.01 billion or 29.7 per cent of net sales, this year compared to $1.01 billion or 27.5 per cent of net sales last year. Net income in Q4 was $27 million compared to net income of $75 million in the same period last year.
 
Credit income was $451 million in FY19 compared to $355 million last year. SG&A expenses in FY19 were $3.59 billion or 33.5 per cent of net sales compared to $3.60 billion or 30.8 per cent of net sales last year. For FY19, JC Penney reported net loss to $268 million compared to net loss of $255 million in FY18.
 
The company has reported that it expects to close at least six store locations in fiscal 2020.  
 
"As we move into fiscal 2020, we remain focused on the key tenets of retail as we continue rebuilding the company and implementing our plan for renewal," Soltau said.

Fibre2Fashion News Desk (JL)


Must ReadView All

Pic: Shutterstock

Textiles | On 3rd Apr 2020

UKFT campaigns to support small companies amid COVID-19

UKFT is urging the government to provide support for individuals or...

Pic: Shutterstock

Apparel/Garments | On 3rd Apr 2020

China's silk town Shengze sends face masks to Milan

The Shengze Chamber of Commerce in the city of Suzhou in China’s...

Pic: H&M

Fashion | On 3rd Apr 2020

H&M awards €1 mn to five innovations of fashion industry

From lab-grown cotton and creating fabrics from protein DNA, to...

Interviews View All

Top executives, Machinery Company

Top executives
Machinery Company

We will promote latest technologies at ITMA Barcelona

Top executives, Textile industry, India

Top executives
Textile industry, India

The event should be organised every year

Siddharth Biyani, Mangalam Industries Pvt Ltd

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Abhishek Dhanuka,

Abhishek Dhanuka

Vyom International Pvt Ltd, established in 2002, is one of Surat's leading ...

Abhishek Pachauri,

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Michael Van Den Dolder,

Michael Van Den Dolder

Family-owned German textile machinery manufacturer Trützschler operates...

Davide Vigano, Sensoria

Davide Vigano
Sensoria

Sensoria is a leading developer of smart garments and IoMe (Internet of...

Johann-Philipp Dilo, Dilo Group

Johann-Philipp Dilo
Dilo Group

German company Dilo Group is one of the leading equipment suppliers of...

Paige Mullis, Glen Raven Inc

Paige Mullis
Glen Raven Inc

Paige Mullis discusses the expansion plans of Glen Raven Inc in India, and ...

Adriano Goldschmied, AG Jeans

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Karan Arora, Karan Arora

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Pranav Mishra, Huemn

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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


March 2020

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


Advanced Search