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Net Falls at J.C.Penney But Turnaround Progress Cited

J.C. Penney Co. reported a sharp drop in net income and sales in the fourth quarter but cited progress in its turnaround efforts with improvements in margins and women’s apparel. Net income for the fourth quarter was $27 million, or 8 cents a share, compared to net income of $75 million, or 24 cents a share, in the same period a year ago. Adjusted net income was $43 million, or 13 cents a share, compared to adjusted net income of $57 million, or 18 cents a share, a year ago. Sales in the fourth quarter decreased 7.7 percent to $3.38 billion compared to $3.67 billion for the fourth quarter a year ago. Comparable store sales decreased 7 percent in the quarter. Adjusted comparable store sales, which exclude the impact of the company’s exit from major appliances and in-store furniture, decreased 4.7 percent. “In fiscal 2019, we met or exceeded all five financial metrics for the year and we delivered our third consecutive quarter of meaningful gross margin improvement in the fourth quarter,” said Jill Soltau, chief executive officer. “I am encouraged by our progress, especially in our women’s apparel business. We knew it would take time to restore discipline and return growth to J.C.

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