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JC Penny Q3 sales fall 8.7%
15 Nov '08
4 min read
For the third quarter, operating income declined 280 basis points to 5.9 percent of sales. Gross margin decreased by 120 basis points to 38.5 percent of sales as a result of increased clearance activity taken in response to softer sales and to achieve desired inventory levels. Total operating expenses, including the impacts of depreciation and amortization expense, pre-opening expenses and income from ongoing real estate operations, decreased by $59 million versus 2007 and continued to be well managed across the entire organization.
Real estate and other included a benefit of approximately $0.02 per share from the sale of non-operating real estate during the quarter. Due to lower sales volume, total operating expenses increased by 160 basis points to 32.6 percent of sales in the quarter. Third quarter operating income was $255 million, compared with last year's $411 million.
Interest expense for the quarter was $56 million, and the tax rate was 38.2 percent.
Real estate and other included a benefit of approximately $0.02 per share from the sale of non-operating real estate during the quarter. Due to lower sales volume, total operating expenses increased by 160 basis points to 32.6 percent of sales in the quarter. Third quarter operating income was $255 million, compared with last year's $411 million.
Interest expense for the quarter was $56 million, and the tax rate was 38.2 percent.
JC Penny
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