J. C. Penney Company, Inc. to host 2Q 2017 financial results conference call on Friday, Aug. 11, 2017

PLANO, Texas, 2017-Aug-02 — /EPR Retail News/ — J. C. Penney Company, Inc. (NYSE: JCP) announced today (Aug. 1, 2017) that it will release its second quarter 2017 financial results on Friday, Aug. 11, at 7:30 a.m. ET. The news release will be followed by a live conference call and webcast conducted by Chairman and Chief Executive Officer Marvin R. Ellison and select members of management that will begin at 8:30 a.m. ET.

To access the conference call, please dial (844) 243-9275, or (225) 283-0394 for international callers, and reference 61085984 conference ID or visit the Company’s investor relations website at http://ir.jcpenney.com. Supplemental slides will be available on the Company’s investor relations website approximately 10 minutes before the start of the conference call.

Telephone playback will be available for seven days beginning approximately two hours after the conclusion of the conference call by dialing (855) 859-2056, or (404) 537-3406 for international callers, and referencing 61085984 conference ID.

Investors and others should note that we currently announce material information using SEC filings, press releases, public conference calls and webcasts.  In the future, we will continue to use these channels to distribute material information about the Company and may also utilize our website and/or various social media to communicate important information about the Company, key personnel, new brands and services, trends, new marketing campaigns, corporate initiatives and other matters.  Information that we post on our website or on social media channels could be deemed material; therefore, we encourage investors, the media, our customers, business partners and others interested in our Company to review the information we post on our website as well as the following social media channels:

Facebook (https://www.facebook.com/jcp) and Twitter (https://twitter.com/jcpnews).

Any updates to the list of social media channels we may use to communicate material information will be posted on the Investor Relations page of the Company’s website at www.jcpenney.com

About JCPenney:
J. C. Penney Company, Inc. (NYSE: JCP), one of the nation’s largest apparel and home furnishings retailers, combines an expansive footprint of approximately 875 stores across the United States and Puerto Rico with a powerful e-commerce site, jcp.com, to connect with shoppers how, when and where they prefer to shop. At every customer touchpoint, she will get her Penney’s worth of a broad assortment of products from an extensive portfolio of private, exclusive and national brands. Powering this shopping experience is the customer service and warrior spirit of over 100,000 associates across the globe, all driving toward the Company’s three strategic priorities of strengthening private brands, becoming a world-class omnichannel retailer and increasing revenue per customer. For additional information, please visit jcp.com.

Media Relations: 
(972) 431-3400
jcpnews@jcp.com

Investor Relations: 
(972) 431-5500
jcpinvestorrelations@jcpenney.com

Source: J. C. Penney Company, Inc.

JCPenney completes refinancing of its $2.35 billion senior secured asset-based revolving credit facility

Refinanced Revolving Facility Provides Improved Terms and Extended Maturity

PLANO, Texas, 2017-Jun-21 — /EPR Retail News/ — J. C. Penney Company, Inc. (NYSE: JCP) announced today (June 20, 2017) that it has completed the refinancing of its $2.35 billion senior secured asset-based revolving credit facility. The amended and restated facility provides improved pricing terms and extends the maturity from 2019 to 2022. The revolving line of credit will remain available for seasonal working capital needs and general corporate purposes.

“As part of our ongoing pursuit to further strengthen the Company’s financial position, we’re pleased to close on the refinancing of our revolving credit facility, providing us enhanced terms and continued fiscal flexibility,” said Marvin R. Ellison, chairman and chief executive officer of JCPenney. “We thank our banking partners for their ongoing support and confidence.”

The arrangement of the credit facility was co-led by Wells Fargo, Bank of America Merrill Lynch, J.P. Morgan, Barclays and Goldman Sachs.

About JCPenney:
J. C. Penney Company, Inc. (NYSE:JCP), one of the nation’s largest apparel and home furnishings retailers, is on a mission to ensure every customer’s shopping experience is worth her time, money and effort. Whether shopping jcp.com or visiting one of over 1,000 store locations across the United States and Puerto Rico, she will discover a broad assortment of products from a leading portfolio of private, exclusive and national brands.  Supporting this value proposition is the warrior spirit of over 100,000 JCPenney associates worldwide, who are focused on the Company’s three strategic priorities of strengthening private brands, becoming a world-class omnichannel retailer and increasing revenue per customer. For additional information, please visit jcp.com.

Forward-Looking Statements
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Words such as “expect” and similar expressions identify forward-looking statements, which include, but are not limited to, statements regarding the Company’s financial position, the revolving credit facility and interest expense.  Forward-looking statements are based only on the Company’s current assumptions and views of future events and financial performance. They are subject to known and unknown risks and uncertainties, many of which are outside of the Company’s control that may cause the Company’s actual results to be materially different from planned or expected results. Those risks and uncertainties include, but are not limited to, general economic conditions, including inflation, recession, unemployment levels, consumer confidence and spending patterns, credit availability and debt levels, changes in store traffic trends, the cost of goods, more stringent or costly payment terms and/or the decision by a significant number of vendors not to sell us merchandise on a timely basis or at all, trade restrictions, the ability to monetize non-core assets on acceptable terms, the ability to implement our strategic plan including our omnichannel initiatives, customer acceptance of our strategies, our ability to attract, motivate and retain key executives and other associates, the impact of cost reduction initiatives, our ability to generate or maintain liquidity, implementation of new systems and platforms, changes in tariff, freight and shipping rates, changes in the cost of fuel and other energy and transportation costs, disruptions and congestion at ports through which we import goods, increases in wage and benefit costs, competition and retail industry consolidations, interest rate fluctuations, dollar and other currency valuations, the impact of weather conditions, risks associated with war, an act of terrorism or pandemic, the ability of the federal government to fund and conduct its operations, a systems failure and/or security breach that results in the theft, transfer or unauthorized disclosure of customer, employee or Company information, legal and regulatory proceedings and the Company’s ability to access the debt or equity markets on favorable terms or at all.  There can be no assurances that the Company will achieve expected results, and actual results may be materially less than expectations.  Please refer to the Company’s most recent Form 10-Q for a further discussion of risks and uncertainties. Investors should take such risks into account and should not rely on forward-looking statements when making investment decisions. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made.  We do not undertake to update these forward-looking statements as of any future date.

SOURCE: JCPenney Corporation

Media Relations:
(972) 431-3400
jcpnews@jcp.com
follow us at @jcpnews

Investor Relations:
(972) 431-5500
jcpinvestorrelations@jcpenney.com

 

 

J. C. Penney Company, Inc. to release its fourth quarter and full year 2016 financial results on February 24, 2017

PLANO, Texas, 2017-Feb-10 — /EPR Retail News/ — J. C. Penney Company, Inc. (NYSE: JCP) announced today (Feb. 9, 2017) that it will release its fourth quarter and full year 2016 financial results on Friday, February 24, at 7:30 a.m. ET. The news release will be followed by a live conference call and webcast conducted by Chairman and Chief Executive Officer Marvin R. Ellison and Chief Financial Officer Ed Record that will begin at 8:30 a.m. ET.

To access the conference call, please dial (844) 243-9275, or (225) 283-0394 for international callers, and reference 66598627 conference ID or visit the Company’s investor relations website at http://ir.jcpenney.com. Supplemental slides will be available on the Company’s investor relations website approximately 10 minutes before the start of the conference call.

Telephone playback will be available for seven days beginning approximately two hours after the conclusion of the conference call by dialing (855) 859-2056, or (404) 537-3406 for international callers, and referencing 66598627 conference ID.

Investors and others should note that we currently announce material information using SEC filings, press releases, public conference calls and webcasts.  In the future, we will continue to use these channels to distribute material information about the Company and may also utilize our website and/or various social media to communicate important information about the Company, key personnel, new brands and services, trends, new marketing campaigns, corporate initiatives and other matters.  Information that we post on our website or on social media channels could be deemed material; therefore, we encourage investors, the media, our customers, business partners and others interested in our Company to review the information we post on our website as well as the following social media channels:

Facebook (https://www.facebook.com/jcp) and Twitter (https://twitter.com/jcpnews).

Any updates to the list of social media channels we may use to communicate material information will be posted on the investor relations page of the Company’s website at www.jcpenney.com.

About JCPenney:
J. C. Penney Company, Inc. (NYSE:JCP), one of the nation’s largest apparel and home furnishings retailers, is on a mission to ensure every customer’s shopping experience is worth her time, money and effort. Whether shopping jcp.com or visiting one of over 1,000 store locations across the United States and Puerto Rico, she will discover a broad assortment of products from a leading portfolio of private, exclusive and national brands. Supporting this value proposition is the warrior spirit of over 100,000 JCPenney associates worldwide, who are focused on the Company’s three strategic priorities of strengthening private brands, becoming a world-class omnichannel retailer and increasing revenue per customer. For additional information, please visit jcp.com.

Media Relations:
(972) 431-3400
jcpnews@jcp.com

Investor Relations:
(972) 431-5500
jcpinvestorrelations@jcpenney.com

Source: J.C. Penney Corporation, Inc.

J. C. Penney Company, Inc. extends its stockholder rights plan for an additional three years

PLANO, Texas, 2017-Jan-25 — /EPR Retail News/ — J. C. Penney Company, Inc. (NYSE: JCP) (the “Company”) today (Jan. 23, 2017) announced that it has extended its existing stockholder rights plan for an additional three years to continue protecting the Company’s valuable net operating loss carryforwards (“NOLs”).

As of the end of fiscal 2015, the Company had approximately $2.6 billion in NOLs, which can be used in certain circumstances to offset future taxable income and reduce federal income tax liability. The Company’s ability to use its NOLs would be substantially limited if an “ownership change” under Section 382 of the Internal Revenue Code were to occur. Ownership changes under Section 382 generally relate to the cumulative change in ownership among stockholders with an ownership interest of 5% or more (as determined under Section 382’s rules) over a rolling three year period. The rights plan was extended to reduce the likelihood of an “ownership change” occurring.

As amended, the Company’s rights plan will expire on January 25, 2020, subject to earlier expiration in specific circumstances. Under the plan, if any person or group acquires 4.9% or more of the outstanding shares of common stock of the Company without the approval of the Board of Directors, a triggering event would occur causing significant dilution in the ownership interest of such person or group.

The purpose of the rights plan is to protect stockholder value by preserving the Company’s ability to fully utilize its NOLs. The rights plan is similar to plans adopted by other public companies with significant net operating losses.

The Company expects to submit the extension of the plan to a vote at the next annual meeting of stockholders in May 2017. If stockholders do not approve the extension, the plan will terminate.

About JCPenney:
J. C. Penney Company, Inc. (NYSE:JCP), one of the nation’s largest apparel and home furnishings retailers, is on a mission to ensure every customer’s shopping experience is worth her time, money and effort. Whether shopping jcp.com or visiting one of over 1,000 store locations across the United States and Puerto Rico, she will discover a broad assortment of products from a leading portfolio of private, exclusive and national brands. Supporting this value proposition is the warrior spirit of over 100,000 JCPenney associates worldwide, who are focused on the Company’s three strategic priorities of strengthening private brands, becoming a world-class omnichannel retailer and increasing revenue per customer. For additional information, please visit jcp.com.

Forward-Looking Statements
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expect” and similar expressions identify forward-looking statements, which include, but are not limited to, statements regarding sales, gross margin, selling, general and administrative expenses, earnings and cash flows. Forward-looking statements are based only on the Company’s current assumptions and views of future events and financial performance. They are subject to known and unknown risks and uncertainties, many of which are outside of the Companys control that may cause the Company’s actual results to be materially different from planned or expected results. Those risks and uncertainties include, but are not limited to, general economic conditions, including inflation, recession, unemployment levels, consumer confidence and spending patterns, credit availability and debt levels, changes in store traffic trends, the cost of goods, more stringent or costly payment terms and/or the decision by a significant number of vendors not to sell us merchandise on a timely basis or at all, trade restrictions, the ability to monetize non-core assets on acceptable terms, the ability to implement our strategic plan including our omnichannel initiatives, customer acceptance of our strategies, our ability to attract, motivate and retain key executives and other associates, the impact of cost reduction initiatives, our ability to generate or maintain liquidity, implementation of new systems and platforms including EMV chip technology, changes in tariff, freight and shipping rates, changes in the cost of fuel and other energy and transportation costs, disruptions and congestion at ports through which we import goods, increases in wage and benefit costs, competition and retail industry consolidations, interest rate fluctuations, dollar and other currency valuations, the impact of weather conditions, risks associated with war, an act of terrorism or pandemic, the ability of the federal government to fund and conduct its operations, a systems failure and/or security breach that results in the theft, transfer or unauthorized disclosure of customer, employee or Company information, legal and regulatory proceedings and the Companys ability to access the debt or equity markets on favorable terms or at all. There can be no assurances that the Company will achieve expected results, and actual results may be materially less than expectations. Please refer to the Company’s most recent Form 10-Q for a further discussion of risks and uncertainties. Investors should take such risks into account and should not rely on forward-looking statements when making investment decisions. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We do not undertake to update these forward-looking statements as of any future date.

Media Relations:
(972) 431-3400
jcpnews@jcp.com
@jcpnews on Twitter.

Investor Relations:
(972) 431-5500
jcpinvestorrelations@jcpenney.com

Source: J. C. Penney Company, Inc.

J. C. Penney Company, Inc. announces plans for accelerated growth and financial expectations beyond 2017

PLANO, Texas, 2016-Aug-19 — /EPR Retail News/ — At its 2016 analyst meeting in Las Colinas, Texas, J. C. Penney Company, Inc. (NYSE: JCP) today presented a three-year plan for accelerated growth and outlined its financial expectations for improved performance beyond 2017.

“Since becoming CEO a year ago, the team and I have made considerable progress balancing the art and science of retail by improving our execution in omnichannel, marketing, store operations, supply chain and merchandising,” said Marvin R. Ellison, chairman and chief executive officer of JCPenney.  “There is still much work to do, but I am confident that our focus on sales growth, new technology and expense management will continue to accelerate our turnaround and create shareholder value.”

Building Value and Differentiation Through Private Brands, Home and Beauty
JCPenney is committed to providing customers with compelling merchandise and exclusive shopping experiences that create lasting loyalty.  To deliver on its value proposition to shoppers, the Company will drive private and exclusive brand penetration up to 70 percent of total merchandise sales by 2019.  This target will be achieved by eliminating labels that are no longer relevant and expanding popular existing brands to additional categories. To further differentiate JCPenney from brick-and-mortar and online competition, the Company will maximize opportunities in three specific merchandise strategies:

  • Special Sizes: Growing the special sizes offering by leveraging in-house design and trend teams to deliver quality plus size, petite and big & tall apparel that meets the lifestyle needs of various ages and diverse body types.
  • Home Refresh: Revitalizing the JCPenney Home store to entice customers seeking to update their homes, including rolling out major appliance showrooms to nearly 500 locations and jcp.com, testing Empire Today flooring in three markets and adding Signature Design by Ashley® to the furniture assortment in select stores and jcp.com.
  • Beauty Experience: Pursuing additional growth in Women’s beauty by expanding the number of Sephora inside JCPenney locations, accelerating The Salon by InStyle renovations, rejuvenating center core and emphasizing fine jewelry.

Powering a Swift and Nimble Omnichannel Experience
JCPenney is advancing its omnichannel execution to connect with customers how, when and where they prefer to shop.  A major component of this strategy is mobile, which is the Company’s single greatest touch point with digitally-savvy shoppers.  Bolstering this approach is a newly redesigned JCPenney app that enables customers to locate items, apply coupons and access their JCPenney Rewards more easily.  Shoppers can also complete their jcp.com purchases with a variety of convenient shipping and pickup options, resulting in over 50 percent of online orders stemming from or leading to an in-store experience:

  • Ship to any JCPenney store: Given the Company’s history of operating catalog service desks, JCPenney is one of the few retailers today to offer the option of shipping an online order to any one of its 1,000 stores nationwide;
  • Same-day pickup in stores: Over 150,000 items on jcp.com are eligible for same-day pickup at any JCPenney store within four hours of the order being placed;
  • Faster home delivery: In 2017, the Company will offer a standard delivery turnaround of two business days or less to over 95% of the U.S. population.

To efficiently fill jcp.com orders, JCPenney has made significant investments in state-of-the-art systems that support an enterprise-wide fulfillment strategy to minimize markdowns and improve customer service. In addition to a network of three direct logistic facilities, 250 stores are now capable of filling jcp.com orders with store inventory and shipping directly to customers. This added fulfillment option allows the Company to meet customer demand for a particular style, color or size, while delivering orders faster than ever.

Financial Outlook
In light of these sales and profit enhancing initiatives, the Company also provided financial performance estimates for the 2017-2019 period, as follows:

  • Compounded annual comparable sales growth anticipated to be 3.0 %;
  • Gross margin is expected to improve 75-100 basis points;
  • Additional SG&A expense leverage of 215-240 basis points;
  • Net income is expected to be between $450-500M by 2019;
  • Earnings per share of $1.40-1.55 by 2019.

Ellison added, “Although we’ve sharpened our priorities for the next three years, our strategic framework remains the same. The entire team – from stores to supply chain to the home office – is squarely focused on delivering an unparalleled omnichannel experience, powerful private brands and increased revenue per customer. Under this framework, we are taking market share, outpacing competitors and improving the long term profitability of our business.”

About JCPenney:
J. C. Penney Company, Inc. (NYSE:JCP), one of the nation’s largest apparel and home furnishings retailers, is on a mission to ensure every shopping experience is worth the customer’s time, money and effort. Whether shopping jcp.com or visiting one of over 1,000 store locations across the United States and Puerto Rico, customers will discover a broad assortment of products from a leading portfolio of private, exclusive and national brands.  Supporting this value proposition is the warrior spirit of over 100,000 JCPenney associates worldwide, who are focused on the Company’s three strategic priorities of strengthening private brands, becoming a world-class omnichannel retailer and increasing revenue per customer. For additional information, please visit jcp.com.

Forward-Looking Statements
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Words such as “expect” and similar expressions identify forward-looking statements, which include, but are not limited to, statements regarding sales, gross margin, selling, general and administrative expenses, earnings and cash flows.  Forward-looking statements are based only on the Company’s current assumptions and views of future events and financial performance. They are subject to known and unknown risks and uncertainties, many of which are outside of the Company’s control that may cause the Company’s actual results to be materially different from planned or expected results. Those risks and uncertainties include, but are not limited to, general economic conditions, including inflation, recession, unemployment levels, consumer confidence and spending patterns, credit availability and debt levels, changes in store traffic trends, the cost of goods, more stringent or costly payment terms and/or the decision by a significant number of vendors not to sell us merchandise on a timely basis or at all, trade restrictions, the ability to monetize non-core assets on acceptable terms, the ability to implement our strategic plan including our omnichannel initiatives, customer acceptance of our strategies, our ability to attract, motivate and retain key executives and other associates, the impact of cost reduction initiatives, our ability to generate or maintain liquidity, implementation of new systems and platforms including EMV chip technology, changes in tariff, freight and shipping rates, changes in the cost of fuel and other energy and transportation costs, disruptions and congestion at ports through which we import goods, increases in wage and benefit costs, competition and retail industry consolidations, interest rate fluctuations, dollar and other currency valuations, the impact of weather conditions, risks associated with war, an act of terrorism or pandemic, the ability of the federal government to fund and conduct its operations, a systems failure and/or security breach that results in the theft, transfer or unauthorized disclosure of customer, employee or Company information, legal and regulatory proceedings and the Company’s ability to access the debt or equity markets on favorable terms or at all.  There can be no assurances that the Company will achieve expected results, and actual results may be materially less than expectations.  Please refer to the Company’s most recent Form 10-K for a further discussion of risks and uncertainties. Investors should take such risks into account and should not rely on forward-looking statements when making investment decisions. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made.  We do not undertake to update these forward-looking statements as of any future date.

Media Relations:
(972) 431-3400
jcpnews@jcp.com

Investor Relations:
(972) 431-5500
jcpinvestorrelations@jcpenney.com

Source: J. C. Penney Company, Inc

J. C. Penney Company, Inc. announces Kent B. Foster will retire from its Board of Directors at the end of his term, which concludes on May 15, 2015

PLANO, Texas, 2015-3-19 — /EPR Retail News/ — J. C. Penney Company, Inc. (NYSE:JCP) today announced that Kent B. Foster will retire from its Board of Directors at the end of his term, which concludes on May 15, 2015, at the Company’s Annual Meeting of Stockholders. Foster is a former chairman of Ingram Micro Inc., and also served as president and vice chairman of the board at GTE Corporation. Foster joined the JCPenney Board of Directors in August 1998, and initially chaired the audit committee. He currently chairs the human resources and compensation committee, and is a member of the corporate governance committee.

“Kent’s extensive experience in communications and technology has enabled JCPenney to identify opportunities in digital retailing and operational efficiency. His guidance has been instrumental to enhancing the customer experience at JCPenney,” said Myron E. (Mike) Ullman, III, chief executive officer.

Thomas J. Engibous, chairman of the board, added, “Kent has been an integral member of our board of directors for nearly 17 years, and his contributions to JCPenney are immeasurable. We wish him well in retirement and all future endeavors.”

Media Relations:
(972) 431-3400 or jcpnews@jcp.com

Investor Relations:
(972) 431-5500 or jcpinvestorrelations@jcpenney.com

About JCPenney:
J. C. Penney Company, Inc. (NYSE: JCP), one of the nation’s largest apparel and home furnishing retailers, is dedicated to fitting the diversity of America with unparalleled style, quality and value. Across approximately 1,060 stores and at jcpenney.com, customers will discover a broad assortment of national, private and exclusive brands to fit all shapes, sizes, colors and wallets. For more information, please visit jcpenney.com.

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