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JC Penney posts FY19 net sales of $10.72 billion

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)

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