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JC Penney Q1 FY20: sales $1,082 mn; net loss $546 mn
22 Jul '20
1 min read
Pic: Shutterstock
JC Penney, a US-based apparel and home retailer company, posted 55.6 per cent decline in its net sales to $1,082 million in first quarter(Q1) fiscal 2020 that ended on May 2, 2020, compared to sales of $2,439 million in the same period last year. Company incurred a net loss of $546 million (Q1 FY19: $154 million) during the reported quarter.
Selling, general and administrative expenses for the quarter were $572 million ($856 million). Company reported an operating loss of $477 million ($93 million).
Sales of women’s apparel during Q1 FY20 fell to $216 million ($515 million). Men’s apparel and accessories sales dropped to $213 million ($478 million). Women’s accessories, including Sephora came down to $170 million ($377 million). Sales of Home category were $145 million ($305 million). Footwear and handbags sales slipped to $117 million ($256 million).
Fibre2Fashion News Desk (JL)
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