J.C. Penney Q4 Loss Widens; Sales Up; Provides FY16 View

(RTTNews) - Department store chain J.C. Penney Co. Inc. (JCP) reported fourth quarter net loss was $131 million or $0.43 per share, wider than loss of $35 million or $0.11 per share in the same period last year.

Adjusted net income surged to $121 million from $31 million a year ago. Adjusted earnings per share were $0.39, after excluding charges associated with primary pension plan expense, restructuring costs and the loss on extinguishment of debt, versus $0.04 per share last year.

On average, 18 analysts polled by Thomson Reuters expected the company to report loss of $0.23 per share for the quarter. Analysts' estimates typically exclude special items.

For the fourth quarter, which included a successful holiday season, JCPenney reported net sales of $4.0 billion compared to $3.9 billion in the fourth quarter of 2014. Comparable store sales rose 4.1 % for the quarter. Analysts were looking for sales of $3.99 billion for the quarter.

Looking ahead to 2016, the company expects comparable store sales to increase 3 % to 4 % and gross margin to increase 40 to 60 basis points. Adjusted earnings per share is expected to be positive.