Friday, May 17, 2013

From Bad to Worse: JC Penney by the Numbers

JC Penney released its first post-Ron Johnson earnings report yesterday, and the results weren't pretty:
  • Total sales in the first quarter dropped 16.4% to $2.635 billion and same-store sales fell 16.6% on top of an 18.9% decline in the prior-year quarter
  • Gross margin plunged to 30.8% from 37.6% in last year's first quarter, while the operating loss widened to $486 million from a loss of $226 million last year
  • Adjusted net income, excluding restructuring and management transition charges and non-cash primary pension plan expenses, widened to $289 million ($1.31 per share) from $55 million ($0.25 per share) in the prior year
  • TTM sales plunged 24.3% to $12.648 billion, and are 37.8% below the $20.033 billion in sales recorded 6 years ago; same-store sales fell 24.8% over the past 12 months
  • While the company didn't break out online sales, we estimate e-commerce sales fell 21% in the latest quarter, and declined 32% over the last 12 months to $964 million from $1.418 billion in the prior year
  • TTM Sales per square foot dropped 23.6% to just $103, and are down over 38% from the $167 level seen 6 years ago

  • JC Penney CEO says company needs time to climb out of 'abyss' (Reuters)
  • J.C. Penney Embraces New Marketing Plans, Looks Ahead (AdAge)
  • J.C. Penney’s Website Needs More Help Than Its Stores (BuzzFeed)
  • For JC Penney, the Right Direction May Be … Reverse (Time)
  • JC Penney chief vows to win back customers (FT)
  • J.C. Penney’s New Plan Is to Reuse Its Old Plans (NY Times)

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