J. C. Penney Company to host 1Q 2017 financial results conference call on Friday, May 12

PLANO, Texas, 2017-May-02 — /EPR Retail News/ — J. C. Penney Company, Inc. (NYSE: JCP) announced today (May 1, 2017) that it will release its first quarter 2017 financial results on Friday, May 12, 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 15893982 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 15893982 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 Company, Inc.

J. C. Penney Company announces 3Q financial results

  • Net Loss improves 42 percent over the same period last year
  • Company reaffirms its full year earnings and $1 billion EBITDA guidance

PLANO, Texas, 2016-Nov-12 — /EPR Retail News/ — J. C. Penney Company, Inc. (NYSE: JCP) today (Nov. 11, 2016) announced financial results for its third quarter ended Oct. 29, 2016. Comparable sales were (0.8) % for the third quarter, providing a two-year stack of 5.6 %. Net loss improved 42 % versus the prior year to $(67) million.

“We are pleased to see strong sales performance in the growth initiatives we discussed at our most recent analyst meeting. The results of these initiatives are reflected in a positive sales comp in the month of October, driven by over 200 basis points of comp benefit from our 500 new appliance showrooms,” said Marvin R. Ellison, chairman and chief executive officer. “We view our October sales results – specifically our acceleration in the last two weeks of the month – and the benefit from appliances as examples of what we expect for the balance of the fourth quarter. Despite experiencing softness in apparel sales, we are continuing to improve the bottom line of our business thanks to the commitment and hard work of our over 100,000 Associates.”

Ellison continued, “We are excited about the initiatives we have in place to drive incremental growth during the Holiday Season with our increased appliance penetration, new Sephora locations, free same day pick up for online orders, a strong cadence of promotional events and our new lowest price guarantee. We are also thrilled about delivering a 200 basis point improvement in our private label credit card penetration in the third quarter, which led to our highest penetration in many years. These and other initiatives reinforce our confidence in our ability to achieve $1 billion in EBITDA for 2016.”

For the quarter, Sephora, Home, Salon and Fine Jewelry were the Company’s top performing divisions. Geographically, the Pacific and Northwest were the best performing regions of the country.

For the third quarter, gross margin was 37.2 % of sales, a 10 basis point decline compared to the same period last year.

SG&A expenses for the quarter decreased $59 million to $888 million, or 31.1 % of sales, representing a 160 basis point improvement from last year. These savings were primarily driven by lower corporate overhead, incentive compensation and store controllable costs.

For the third quarter, the Company delivered a 42 % improvement in net loss over the prior year to $(67) million or $(0.22) per share. Adjusted earnings per share improved 54 % to a loss of $(0.21) per share for the third quarter this year compared to a loss of $(0.46) per share last year.

EBITDA improved $36 million to $172 million for the quarter, a 26 % improvement from the same period last year. Adjusted EBITDA improved 57 % to $174 million, a $63 million improvement from the same period last year.

A reconciliation of GAAP to non-GAAP financial measures is included in the schedules accompanying the consolidated financial statements in this release.

Outlook
The Company has updated its 2016 full year guidance as follows:

  • Comparable store sales: expected to now increase 1% to 2%;
  • Gross margin: expected to now be flat versus 2015;
  • SG&A dollars: expected to decrease versus 2015;
  • EBITDA1: expected to be $1 billion;
  • Adjusted earnings per share1: expected to be positive;
  • Free cash flow1: expected to improve versus 2015

1 A reconciliation of non-GAAP forward-looking projections to GAAP financial measures is not available as the nature or amount of potential adjustments, which may be significant, cannot be determined at this time.

Third Quarter Earnings Conference Call Details
At 8:30 a.m. ET today, the Company will host a live conference call conducted by chairman and chief executive officer Marvin R. Ellison and chief financial officer Ed Record. Management will discuss the Company’s performance during the quarter and take questions from participants. To access the conference call, please dial (844) 243-9275, or (225) 283-0394 for international callers, and reference 7715351 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 7715351 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.

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 announces election of Paul Brown, CEO of Arby’s Restaurant Group to its board of directors

J. C. Penney Company announces election of Paul Brown, CEO of Arby’s Restaurant Group to its board of directors
J. C. Penney Company announces election of Paul Brown, CEO of Arby’s Restaurant Group to its board of directors

 

PLANO, Texas, 2016-Sep-23 — /EPR Retail News/ — J. C. Penney Company, Inc. (NYSE: JCP) today (Sept. 21, 2016)  announced the election of Paul Brown, chief executive officer of Arby’s Restaurant Group, Inc., to its board of directors. With extensive experience in the food service, hospitality, e-commerce and consulting industries, Brown has a proven track record of improving the performance of leading global and franchise brands.

“Paul is credited for building the financial performance at several global brands by understanding the importance of attracting a new generation of customers as the primary means for sustainable growth,” said Marvin R. Ellison, chairman and chief executive officer of JCPenney. “His broad expertise makes him an excellent addition to our board as JCPenney continues delivering lasting customer loyalty through value, exclusive shopping experiences and enhanced omnichannel execution.”

“I’m honored to join the board of directors at JCPenney – a Company with a rich history of meeting the needs of an ever-changing American consumer,” Brown added. “It’s a privilege to work with a team that understands the need for a fully integrated online and in-store experience, while staying true to its founding values of excellent service and quality merchandise.”

Brown has spent three years leading Arby’s Restaurant Group, Inc., a company operating and franchising more than 3,300 restaurant locations worldwide. He is responsible for a successful brand revitalization at Arby’s, focusing on company culture, customer service, and new brand positioning and marketing campaigns. Prior to Arby’s, Brown served as president, brands and commercial services at Hilton Worldwide, a hospitality company with more than 4,700 hotels, resorts and timeshare properties. Prior to that, Brown served as president of Expedia North America and Expedia Inc.’s Partner Services Group at Expedia, Inc., the world’s largest online travel company, and was also partner at McKinsey & Co. consulting. Brown currently serves on the board of directors at H&R Block, Inc. and Lindblad Expeditions Holdings, Inc., and is a member of the Georgia Tech Foundation’s board of trustees.

Brown has a B.A. degree in business administration and management from Georgia Institute of Technology, and an MBA in marketing and finance from Northwestern University. In June, he was named recipient of an EY Entrepreneur of The Year® 2016 Award in the Southeast.

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
follow us at @jcpnews

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

Source: J. C. Penney Company, Inc.

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J. C. Penney Company, Inc. announces 2Q financial results ended July 30, 2016

PLANO, Texas, 2016-Aug-16 — /EPR Retail News/ — J. C. Penney Company, Inc. (NYSE: JCP) today announced financial results for its second quarter ended July 30, 2016. Comparable sales increased 2.2 % for the second quarter, delivering a two-year stack of 6.3%. Net loss improved 52% to $(56) million versus the prior year.

Marvin R. Ellison, chairman and chief executive officer, said, “We are pleased with the sequential improvement we achieved throughout the second quarter, and our solid performance across all key metrics is encouraging. We exceeded our profitability expectations, achieving an $85 million or 59 % increase in EBITDA to $229 million for the quarter. We are continuing to win market share and improve the bottom line of our business thanks to the commitment and hard work of our over 100,000 associates.”

Ellison continued, “We are excited about the initiatives we have in place to drive incremental growth in the back half of the year with our appliance rollouts, new Sephora locations, center core refreshes, in-store .com fulfillment and our chain wide rollout of buy online, pick up in store same day. These and other initiatives reinforce our confidence in our ability to achieve $1 billion in EBITDA for 2016.”

For the quarter, Sephora, Home, and Footwear and Handbags were the Company’s top performing divisions. Geographically, the Ohio Valley and Pacific were the best performing regions of the country.

For the second quarter, gross margin was 37.1 % of sales, a 10 basis point improvement compared to the same period last year.

SG&A expenses for the quarter decreased $48 million to $853 million, or 29.2 % of sales, representing a 210 basis point improvement from last year. These savings were primarily driven by lower corporate overhead, incentive compensation, store controllable costs and more efficient advertising spend.

For the second quarter, the Company delivered a 52% improvement in net loss over the prior year to $(56) million or $(0.18) per share. Excluding the previously announced write-off of unamortized debt issuance costs of $34 million related to the closing of the real estate term loan refinancing and other items, adjusted earnings per share improved 88% to a loss of $(0.05) per share for the second quarter this year compared to a loss of $(0.40) per share last year.

EBITDA improved $85 million to $229 million for the quarter, a 59 % improvement from the same period last year. Excluding restructuring charges and the proportional share of net income from the home office land joint venture, adjusted EBITDA improved 69 % to $233 million, a $95 million improvement from the same period last year.

A reconciliation of GAAP to non-GAAP financial measures is included in the schedules accompanying the consolidated financial statements in this release.

Outlook
The Company reaffirms its 2016 full year guidance as follows:

  • Comparable store sales: expected to increase 3% to 4%;
  • Gross margin: expected to increase 10 to 30 basis points;
  • SG&A dollars: expected to decrease versus 2015;
  • EBITDA: expected to be $1 billion;
  • Adjusted earnings per share: expected to be positive;
  • Free cash flow1: expected to improve versus 2015

The Company also announced an upcoming new store location in San Bernardino, Calif. at Inland Center, and the relocation of its store in Salinas, Calif. to a new space within Northridge Mall. The new store and relocation are both landlord funded projects, and are expected to be complete this fall. Each location will offer an appliance showroom, an expansive Sephora inside JCPenney and a flagship Salon by InStyle.

1 A reconciliation of non-GAAP forward-looking projections to GAAP financial measures is not available as the nature or amount of potential adjustments, which may be significant, cannot be determined at this time.

Second Quarter Earnings Conference Call Details
At 8:30 a.m. ET today, the Company will host a live conference call conducted by chairman and chief executive officer Marvin R. Ellison and chief financial officer Ed Record. Management will discuss the Company’s performance during the quarter and take questions from participants. To access the conference call, please dial (844) 243-9275, or (225) 283-0394 for international callers, and reference 56348291 conference ID or visit the Company’s investor relations website at http://ir.jcpenney.com.

Telephone playback will be available for 7 days beginning approximately two hours after the conclusion of the meeting by dialing (855) 859-2056, or (404) 537-3406 for international callers, and referencing 56348291 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 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 JC Penney 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. to release its Q1-2016 financial results on Friday, May 13

PLANO, Texas , 2016-May-06 — /EPR Retail News/ — J. C. Penney Company, Inc. (NYSE: JCP) announced today that it will release its first quarter 2016 financial results on Friday, May 13, at 7:30 a.m. ET. The news release will be followed by a live conference call and webcast conducted by Chief Executive Officer Marvin Ellison and Chief Financial Officer Ed Record that will begin at 8:30 a.m. ET.

To access the conference call, please dial (877) 337-1347, or (262) 558-6137 for international callers, and reference 97042356 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 7 days beginning approximately two hours after the conclusion of the meeting by dialing (855) 859-2056, or (800) 585-8367 for international callers, and referencing 97042356 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 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 omni channel retailer and increasing revenue per customer.

For additional information, please visit jcp.com.

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

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

Source: JCPenny

J. C. Penney Company, Inc. strengthens its executive leadership team with the appointment of Michael Amend and Mike Robbins

PLANO, Texas, 2015-8-4— /EPR Retail News/ — J. C. Penney Company, Inc. (NYSE: JCP) has strengthened its executive leadership team with the appointment of two outstanding senior leaders who will be charged with maximizing the power, reach and integration of the Company’s omnichannel capabilities. Michael Amend, formerly vice president of online, mobile and omnichannel for The Home Depot, will be joining JCPenney on Aug. 4 as?executive vice president of omnichannel. Additionally, Mike Robbins, formerly the senior vice president of global supply chain for Target, will be joining the Company as senior vice president of supply chain effective Aug. 10.

“Mr. Amend and Mr. Robbins are two exceptional industry veterans who have a successful track record of creating enterprise inventory networks that enable brick-and-mortar and e-commerce to merge into one seamless shopping experience,” said Marvin Ellison, chief executive officer for JCPenney. “Their backgrounds perfectly align with our long-term growth plan to become a world-class omnichannel retailer.”

Under his leadership at The Home Depot, Amend is credited for leading the development of several groundbreaking omnichannel initiatives, which resulted in The Home Depot being recently recognized as the Internet Retailer of the Year for 2014 by Internet Retailer®. Amend was the executive sponsor responsible for rolling out buy online pick-up in store; buy online, ship to store; and buy online, deliver from store. Amend also led the company’s efforts to develop best in class mobile experiences. Prior to The Home Depot, Amend was chief technology officer for global online at Dell and deputy chief technology officer for BEA Systems. Amend will report to Ellison and succeeds Mike Rodgers, who has left the Company to pursue other interests.

Robbins brings extensive experience in supply chain strategy, process improvement, technology and cost reduction to JCPenney. He most recently served as senior vice president of global supply chain and logistics for Target Corporation’s U.S. stores, where his 13-year career reflected positions of increasing responsibility within Target’s multi-faceted distribution network. Prior to Target, Robbins held positions in marketing and supply chain for AutoZone and Procter & Gamble. Robbins will report to Ken Mangone, executive vice president of product development, design and sourcing. Robbins replaces Marie Lacertosa, senior vice president of supply chain, who will be retiring from the Company after more than 30 years of service.

These appointments follow the recent announcement of Mandy Ginsberg, chief executive officer of The Princeton Review and Tutor.com, who joined the JCPenney board of directors in July. To read the full announcement on Ginsberg’s appointment, please visit jcpnewsroom.com.

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 1,020 stores and at jcpenney.com, customers will discover a broad assortment of national, private and exclusive brands to fit all shapes, sizes, occasions and budgets. For more information, please visit jcpenney.com.

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J. C. Penney Company, Inc. strengthens its executive leadership team with the appointment of Michael Amend and Mike Robbins

J. C. Penney Company, Inc. strengthens its executive leadership team with the appointment of Michael Amend and Mike Robbins

J. C. Penney Company, Inc. announces that Mandy Ginsberg has been elected to its board of directors

PLANO, Texas, 2015-7-23 — /EPR Retail News/ — J. C. Penney Company, Inc. (NYSE:JCP) today announced that Mandy Ginsberg, an accomplished leader with extensive online consumer acumen, has been elected to its board of directors. Ginsberg is the chief executive officer of The Princeton Review, a leading test preparation company that helps millions of students get into their dream schools, and Tutor.com, the world’s largest internet-based tutoring company that provides live, on-demand learning solutions for students and professionals.

“JCPenney is a leader in omnichannel retail, and understands the importance of adapting the shopping experience to cater to today’s digitally savvy customer,” said Thomas Engibous, chairman of the JCPenney board of directors. “Mandy’s strong industry expertise and vast knowledge of online customer engagement make her an ideal addition to the JCPenney board.”

Ginsberg added, “I am honored and excited to join the JCPenney board of directors. The Company has a strong legacy of e-commerce, and continues to discover new and unique ways of connecting customers with its stores and online presence – particularly among millennials, whose purchasing power is largely influenced by their use of various devices across multiple shopping channels. I am delighted to be part of the Company’s ongoing evolution.”

Prior to leading The Princeton Review and Tutor.com, Ginsberg held the position of chief executive officer for Match.com, a global online dating service that services 24 countries and territories across five continents and hosts sites in 15 different languages. While at Match.com, she previously held the role of senior vice president and general manager. Prior to that, Ginsberg was vice president and general manager of Chemistry.com, a premium offering from Match.com. During her career, she has also held positions related to consumer technology and marketing, including serving on the board of directors of Care.com from 2012 to 2014.

Ginsberg has a B.A. degree in English literature and Spanish literature from the University of California at Berkeley, and an MBA from The Wharton School of Business at the University of Pennsylvania.

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 1,020 stores and at jcpenney.com, customers will discover a broad assortment of national, private and exclusive brands to fit all shapes, sizes, occasions and budgets. For more information, please visit jcpenney.com.

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J. C. Penney Company, Inc. grants equity inducement award to Andrew Drexler in connection with the commencement of his employment

PLANO, Texas, 2015-6-17 — /EPR Retail News/ — In accordance with the New York Stock Exchange rules regarding equity inducement awards, J. C. Penney Company, Inc. (NYSE: JCP) announced that on June 11, 2015, an equity inducement award of 78,358 stock options and 31,437 restricted stock units (RSUs) was granted to Andrew Drexler, the Company’s Senior Vice President, Chief Accounting Officer and Controller, in connection with the commencement of his employment. The Company previously disclosed this award in connection with the announcement of Mr. Drexler’s appointment in May.

The options and RSUs will vest in thirds on the first, second and third anniversaries, respectively, of the grant date, provided Mr. Drexler remains continuously employed with the Company through those dates.

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 1,020 stores and at jcpenney.com, customers will discover a broad assortment of national, private and exclusive brands to fit all shapes, sizes, occasions and budgets. For more information, please visit jcpenney.com.

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J. C. Penney Company, Inc. appoints Mary Beth West as EVP and chief customer and marketing officer effective June 1, 2015

PLANO, Texas, 2015-4-29 — /EPR Retail News/ —   J. C. Penney Company, Inc. (NYSE:JCP) today announced that Mary Beth West, a highly accomplished consumer marketing executive, will join the Company’s executive leadership team as executive vice president and chief customer and marketing officer effective June 1, 2015. She will be stepping down from her position on its Board of Directors to assume this new role.

West has been a member of the JCPenney Board of Directors since 2005 and has served in numerous leadership positions at General Foods and Kraft, most notably as executive vice president and chief category and marketing officer of Kraft Foods. In joining JCPenney, West brings nearly 30 years of consumer and retail marketing experience to the Company with expertise in brand management, integrated marketing communications and consumer insights and strategy. Most recently, West held the top marketing role with Mondelēz International Inc., where she served as executive vice president and chief category and marketing officer.

“Mary Beth’s contributions to the Board have been invaluable,” said Myron E. (Mike) Ullman, III, chief executive officer of JCPenney. “Her vast experience developing and growing some of the world’s most trusted and well-known brands was instrumental to our work building an emotional connection with our customers. I am delighted that she will be supporting the Company in this new capacity, which will enable us to more directly leverage her knowledge and expertise.”

“Mary Beth is a significant addition to our leadership team. As chief customer and marketing officer, we will capitalize on her nearly 30 years of consumer and retail marketing experience to lead JCPenney’s efforts to exploit our rich customer data in support of the Company’s marketing and promotional strategy. Her blend of marketing experience, consumer advocacy and strategic acumen are exactly what we need to engage new and existing customers with promotions and experiences that will inspire more families to choose JCPenney,” added Marvin Ellison, president and CEO-designee of JCPenney.

West will not stand for re-election to the JCPenney Board of Directors and will step down from the Board at the end of her term, which concludes on May 15, 2015, at the Company’s annual meeting of stockholders. Following her appointment to chief customer and marketing officer, she will join the Company’s executive board and report directly to the Company’s Chief Executive Officer.

Additionally, Kirk Waidelich has been promoted to senior vice president, sales promotion and marketing. Waidelich is a 28-year veteran of JCPenney who brings a wealth of customer, marketing and overall retail knowledge to this very important role. He most recently served as JCPenney’s vice president of marketing strategy where he was responsible for restoring promotions at the Company and aligning its marketing strategy with the Company’s strategic growth initiatives. Waidelich will be a member of the company’s executive board and report to West.

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, occasions and budgets. For more information, please visit jcpenney.com.

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J. C. Penney Company, Inc. appoints Mary Beth West as EVP and chief customer and marketing officer effective June 1, 2015

J. C. Penney Company, Inc. appoints Mary Beth West as EVP and chief customer and marketing officer effective June 1, 2015

J. C. Penney Company, Inc. named one of America’s Best Employers for 2015 according to independent study organized by Forbes and Statista.com

PLANO, Texas, 2015-4-17 — /EPR Retail News/ — J. C. Penney Company, Inc. (NYSE:JCP) was recently named one of America’s Best Employers for 2015 according to an independent study organized by Forbes and Statista.com. The survey anonymously questioned 20,000 Americans on whether they would recommend their employer to potential employees, and was conducted through a variety of anonymous online panels.

“We’re proud to be named one of America’s best employers – a designation determined by our very own associates,” said Myron E. (Mike) Ullman, III, chief executive officer of JCPenney. “This honor is particularly gratifying for the Company as it mirrors our own internal associate engagement scores, which increased nine points last year alone. This is a significant achievement for any retailer, especially considering that the Company was undergoing a turnaround.”

“Our associates are the heart of JCPenney, and their passion for the Company is critical to creating customer loyalty,” added Marvin Ellison, president and CEO-designee of JCPenney. “While it’s been only six months since I joined the Company, it is clear to see how our Warrior Spirit helps us to win with customers, while inspiring and winning with our own associates.”

JCPenney was also named to Victory Media’s Military Friendly Employer list for the second year in a row. Victory Media recognizes the Company’s military recruiting efforts, percentage of new hires with military service, veteran retention programs and National Guard and Reserve service policies.

Additionally, jcp salon was recently awarded Behind the Chair’s 2015 Stylist Choice Award for favorite chain salon group. Stylists from across the nation voted for their favorite salon chain, and jcp salon was the winner out of five finalists.

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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J. C. Penney Company reports comparable store sales grew 4.4 percent for both the fourth quarter and full fiscal 2014

• Gross margin improved 540 basis points for the fourth quarter and full year
• SG&A savings of $121 million; 210 basis points improvement for the year
• Positive free cash flow of $57 million for the year, a $2.8 billion improvement

PLANO, Texas, 2015-3-2 — /EPR Retail News/ — J. C. Penney Company, Inc. (NYSE: JCP) today announced financial results for its fiscal fourth quarter and full year ended Jan. 31, 2015. Comparable store sales grew 4.4 percent for both the fourth quarter and full fiscal year. The combination of this sales improvement, stronger gross margins and decreasing SG&A expense resulted in a $1.1 billion increase in EBITDA for the year.

Myron E. (Mike) Ullman, III, chief executive officer, said, “2014 was a successful year for JCPenney. Thanks to the hard work and outstanding execution by our teams, we significantly grew sales and gross margin and delivered on our goal to generate positive free cash flow, representing a $2.8 billion improvement over last year. I am extremely proud of all that has been accomplished to restore this great Company. We are back in the eyes of our customers, back running the business effectively and back on solid financial footing. We fully intend to build on this momentum and continue to significantly improve our business in 2015.”

Marvin Ellison, president and CEO-designee, said, “I have been very impressed by what I have seen in my first few months at JCPenney. The passion and knowledge of our associates and their dedication to customer service is helping us take back share from our competitors, as we continue to find new ways to put the customer first. I believe 2015 will be an important year for JCPenney, and the team is focused on profitably executing our business.”

Fourth Quarter Results

For the fourth quarter, which included a successful holiday season, JCPenney reported net sales of $3.89 billion compared to $3.78 billion in the fourth quarter of 2013. Comparable store sales rose 4.4 percent for the quarter. Online sales through jcpenney.com were $428 million for the quarter, up 12.5 percent versus the same period last year.

Men’s apparel, Home and Fine Jewelry were the Company’s top performing merchandise divisions during the quarter. Sephora inside JCPenney, now in 492 locations, also continued its strong performance. Geographically, all regions delivered sales gains over the same period last year with the best performance in the central and western regions of the country.

For the fourth quarter, gross margin improved 540 basis points to 33.8 percent of sales, compared to 28.4 percent in the same quarter last year. Gross margin was positively impacted by significant improvement in the Company’s merchandise mix and margin on clearance sales over the prior year quarter.

SG&A expenses for the quarter were up $28 million to $1.032 billion, or 26.5 percent of sales.

Operating income for the quarter was $63 million, which represents a $201 million increase over last year. EBITDA was $220 million, a $197 million improvement from the same period last year.

Adjusted net income for the fourth quarter improved $206 million to breakeven. Net income for the quarter was a loss of $59 million, compared to a gain of $35 million in last year’s fourth quarter, which benefitted from a one-time $270 million non-cash tax credit. These income tax changes resulted in a negative year over year impact of $292 million on the Company’s reported net income.

A reconciliation of GAAP to non-GAAP financial measures is included in the schedules accompanying the consolidated financial statements in this release.

Full Year Results

For the full year 2014, comparable store sales increased 4.4 percent. Total sales increased 3.4 percent for the year. Internet sales through jcpenney.com grew $145 million to $1.22 billion for the year, increasing 13.4 percent over last year.

For the year, gross margin increased 540 basis points to 34.8 percent from 29.4 percent in the prior year. SG&A decreased $121 million or 210 basis points compared to the prior year.

EBITDA was $323 million, a more than $1.1 billion improvement from last year.

Free cash flow was $57 million, a positive increase of over $2.8 billion.

The Company ended the year with liquidity of approximately $2.1 billion.

In 2014, the Company opened its first ever store in Brooklyn, N.Y., giving JCPenney a location in all five boroughs of New York City. The Company opened 46 Sephora inside JCPenney boutiques, bringing the total to 492 locations, and announced plans to open 25 additional locations in 2015. In addition, JCPenney, which carries an exclusive assortment of Disney merchandise, is capitalizing on the success of its Disney-branded Shops inside JCPenney by opening an additional 100 locations by back-to-school 2015, bringing the total to nearly 700 locations.

Outlook

Building on the success of 2014, the Company’s 2015 full year guidance is as follows:

• Comparable store sales: expected to increase 3 percent to 5 percent;
• Gross margin: expected to improve 50 to 100 basis points versus 2014;
• SG&A: expected to decrease $50 to $100 million versus 2014;
• Primary pension plan expense: approximately $19 million;
• Depreciation and amortization: approximately $615 million;
• Interest expense: approximately $415 million; and
• Free cash flow: expected to be flat.

Fourth Quarter and Full Year 2014 Earnings Conference Call Details

At 4:30 p.m. ET today, the Company will host a live conference call conducted by Chief Executive Officer Myron E. (Mike) Ullman, III, President and CEO-Designee Marvin Ellison and Chief Financial Officer Ed Record. Management will discuss the Company’s performance during the quarter and take questions from participants. To access the conference call, please dial (877) 415-3179, or (857) 244-7322 for international callers, and reference 49326884 participant code or visit the Company’s investor relations website at http://ir.jcpenney.com.

Telephone playback will be available approximately two hours after the conclusion of the meeting by dialing (888) 286-8010, or (617) 801-6888 for international callers and referencing 46764699 participant code.

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.

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.

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, 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, 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.

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J. C. Penney Company, Inc. to release its third quarter 2014 financial results on November 12

Conference Call and Webcast at 4:30 p.m. ET

PLANO, Texas, 2014-10-31— /EPR Retail News/ —  J. C. Penney Company, Inc. (NYSE: JCP) announced today that it will release its third quarter 2014 financial results on Wednesday, November 12 at 4:00 p.m. ET. This will be followed by a live conference call and webcast conducted by Chief Executive Officer Mike Ullman and Chief Financial Officer Ed Record that will begin at 4:30 p.m. ET.

To access the conference call, please dial (877) 280-4955, or (857) 244-7312 for international callers, and reference 95878519 participant code or visit the Company’s investor relations website at http://ir.jcpenney.com.

Telephone playback will be available beginning approximately two hours after the conclusion of the meeting by dialing (888) 286-8010, or (617) 801-6888 for international callers and referencing 76302616 participant code.

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.

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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J. C. Penney Company, Inc. announces the appointment of Marvin Ellison as President and CEO-Designee effective November 1, 2014

  • Home Depot U.S. Stores Head to Succeed Myron E. (Mike) Ullman as JCPenney CEO on August 1, 2015
  • Ullman to Become Executive Chairman of the Board

PLANO, Texas, 2014-10-15— /EPR Retail News/ — The Board of Directors of J. C. Penney Company, Inc. (NYSE: JCP) today announced the appointment of Marvin Ellison, currently executive vice president of stores at Home Depot, as President and CEO-Designee, effective November 1, 2014. Mr. Ellison will also join the Board of Directors. He will then succeed Myron E. (Mike) Ullman, III as CEO of JCPenney on August 1, 2015. At that time, Mr. Ullman will become Executive Chairman of the Board for a period of one year. Prior to his 12-year tenure at Home Depot, Mr. Ellison served for 15 years in various positions at Target.

Thomas J. Engibous, Chairman of JCPenney’s Board of Directors, said, “The Board has completed its search for the right CEO to lead the next stage of JCPenney’s growth. We are delighted to have found that person in Marvin Ellison, a highly accomplished retail executive with a history of delivering top and bottom line results at major American retailers. He brings to the role, among other assets, an extensive knowledge of store operations and supply chain management as well as a demonstrated ability to successfully run large retail organizations. In light of these attributes, we believe he is well equipped to return the Company to profitable growth.

I would like to express the Board’s deep gratitude to Mike Ullman for all he has done, and will continue to do, for JCPenney. After agreeing to return to the Company during the most difficult period in its history, he has stabilized the business, improved performance across the board, and placed the Company on a course for profitable growth. His dedicated service has been invaluable to the Company, and we look forward to his continued contributions as CEO during the transition and as Executive Chairman thereafter.”

Mr. Ullman said, “It is a great pleasure to welcome Marvin Ellison to JCPenney. Over the course of his career, he has proven his ability to produce results by improving operations, building customer loyalty, and motivating his teams. His experience and leadership are exactly what we need to accelerate the progress we have made over the last 18 months. I look forward to working closely with him and the rest of our outstanding team in the coming months to ensure a smooth transition and a successful future for JCPenney.”

Mr. Ellison said, “I am honored by this appointment and excited about the opportunity to help lead the continued resurgence of JCPenney. This Company has been an important part of the American retail landscape for over one hundred years. Today, it is moving in the right direction and there is an extraordinary passion to win at every level of the organization. As President and, ultimately, CEO, I will be focused on positioning the Company to compete in a rapidly changing retail environment for the benefit of our customers, shareholders, suppliers and associates. I am confident that we have the customer proposition, the brand, and the talent to make JCPenney successful over the long term.”

About Marvin Ellison
Marvin Ellison, 49, has nearly 30 years of experience in the retail industry. He has spent the last 12 years at Home Depot. As executive vice president of U.S. stores since August 2008, he has been the senior-most operations leader for Home Depot’s approximately 2,000 stores. Prior to that, he was president of the Northern Division, a role in which he had responsibility for the sales and operations of more than 700 stores in 21 states and led a team of more than 150,000 associates. Previously, he was senior vice president of global logistics, with oversight of all domestic distribution, transportation, store and appliance delivery, import distribution and international logistics throughout the United States, Canada, Mexico, China and more than 35 other countries. Before joining Home Depot, Mr. Ellison spent 15 years with Target in a variety of operational roles, including Corporate Director of Asset Protection.

Mr. Ellison serves on the board of directors of FedEx. He is actively involved in philanthropic efforts including inner-city school renovations, as well as mentoring programs aimed at developing inner-city youth. He earned a business administration degree in marketing from the University of Memphis and a Master of Business Administration from Emory University.

For further information, contact:

Media Relations
jcpnews@jcp.com; 972.431.3400

Investor Relations
jcpinvestorrelations@jcpenney.com; 972.431.5500

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.

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 trends, gross margin, liquidity and cost savings. 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 turnaround strategy, customer acceptance of our new 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, 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 and subsequent filings 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.

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J. C. Penney Company, Inc. elects B. Craig Owens to its Board of Directors

Accomplished consumer industries executive brings deep financial and operational experience to Board

PLANO, Texas, 2014-10-9— /EPR Retail News/ — J. C. Penney Company, Inc. (NYSE:JCP) today announced that B. Craig Owens, a highly accomplished and respected executive in the consumer food and beverage industry, has been elected to its Board of Directors. Mr. Owens recently retired from his post as chief financial officer and chief administrative officer of Campbell Soup Company, where he led its finance, supply chain and information technology organizations.

“During his 33 year career in the consumer products industry, Craig has distinguished himself as a trusted leader and strategic advisor. He brings significant financial expertise and a deep understanding of operations and strategic planning to our Board,” said Thomas Engibous, JCPenney’s chairman. “We are delighted to welcome him and look forward to his contributions.”

Mr. Owens added, “I am honored to join the JCPenney Board of Directors. The Company’s brand, unique mix of goods and services, and exceptional customer service set it apart from its department store peers. It is an exemplary corporate citizen, with a strong commitment to its customers, associates, stockholders and the communities in which it operates. I am enthusiastic to be involved in the next phase of JCPenney’s growth and success.”

Prior to joining Campbell Soup Company, Mr. Owens, 60, was executive vice president and CFO of the Delhaize Group, a food retailer headquartered in Belgium with operations in the U.S., Europe and Asia and $28 billion in annual revenues. Earlier in his career, he held leadership and senior financial positions with The Coca-Cola Company and Coca-Cola bottlers.

Mr. Owens has a B.A. degree in politics from Washington and Lee University and an M.B.A. from The Wharton School of Business of the University of Pennsylvania. He also earned an M.A. degree from the Fletcher School of Law and Diplomacy at Tufts University.

For the latest JCPenney updates, please visit www.jcpnewsroom.com or follow the Company on Twitter @jcpnews.

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.

###

J. C. Penney Company, Inc. presented plans for restoring sustainable profitable growth over the next three years at its 2014 analyst meeting in New York

  • Company outlines opportunities to achieve $1.2 Billion in EBITDA by 2017
  • Key initiatives include revitalizing center core, driving increased home store productivity and maximizing omnichannel capabilities
  • Plans include opening additional Sephora inside JCPenney locations and more than 100 new Disney shops

PLANO, Texas, 2014-10-9— /EPR Retail News/ — At its 2014 analyst meeting in New York City today, J. C. Penney Company, Inc. (NYSE: JCP) presented its plans for restoring sustainable profitable growth at the Company over the next three years.

“JCPenney is in a far stronger position today than it was when we began our turnaround effort 18 months ago. While we recognize that there’s more work to be done in a highly competitive retail environment, I couldn’t be more encouraged by the significant progress our teams have made in such a short amount of time,” said Myron E. (Mike) Ullman, III, chief executive officer. “I am confident that the initiatives we are putting in place will fuel new growth and earn greater customer loyalty as we pursue our vision to become the preferred shopping choice for Middle America.”

Compelling Customer Proposition
Senior leadership attributed the company’s progress and enhanced outlook to a renewed focus on the compelling customer proposition that differentiates JCPenney in the marketplace. The Company has rebuilt and reestablished the right merchandise assortment, including:

• Powerful private brands;

• Sought-after national brands; and

• Exclusive attractions that its customers value and can only be found at JCPenney.

JCPenney is also demonstrating digital leadership by advancing the mobile commerce functionality of jcpenney.com, providing customers enhanced options to shop, ship or pick up their JCPenney merchandise. This includes putting in place an enterprise-wide inventory network that will enable several customer-centric capabilities, such as same day pick-up and same day delivery, creating a seamless customer experience. Finally, Company leadership outlined how associate engagement – integral to building customer loyalty – has significantly improved across the Company enabling teams to achieve customer service scores that are at an all-time high.

Incremental Growth Opportunities
During the analyst meeting, the Company’s senior leaders identified three areas of the business that are expected to generate incremental sales growth between 2015 and 2017. These initiatives include:

• Revitalizing the highest traffic area in the store – center core – as a leading destination for beauty, jewelry and fashion accessories;

• Improving the productivity of the Home Store with value-driven products and a tailored promotional strategy; and

• Maximizing the power, reach and integration of the Company’s omnichannel capabilities.

Store Attractions Update
The Company is focused on attracting a new and younger customer by investing in popular in-store attractions that can only be found at JCPenney. To that end, the Company announced the expansion of its highly successful partnership with Sephora, as the companies have agreed to open additional Sephora inside JCPenney locations through 2017, entering new and smaller markets as the first major beauty destination in town.

JCPenney is leveraging its position as the only U.S. department store retailer carrying an exclusive assortment of Disney merchandise by opening more than 100 additional Disney-branded Shops inside JCPenney by back-to-school 2015. The Company has also entered into an agreement with Hallmark to test a Hallmark shop concept carrying greeting cards, gifts, ornaments, holiday décor and more in 15 JCPenney stores this fall, including a newly opened Hallmark shop within the Home department at its Frisco, Texas location.

Financial Goals for 2015-2017
The Company also provided financial performance goals that include achieving $1.2 billion in EBITDA in 2017. This reflects expectations for top line improvements associated with incremental growth potential, as well as continued market share gains in its underlying business, which represents a $3.5 billion sales opportunity. Of that amount, the Company conservatively expects to realize approximately $2 billion in incremental sales over the next three years, resulting in mid-single digit sales growth during that period.

Revised Third Quarter 2014 Guidance
The Company revised its third quarter sales guidance to reflect softer selling than expected during the month of September due to lower levels of clearance compared to last year and the continued difficult retail environment. The Company now expects comparable store sales for the third quarter of 2014 to be in the low-single digit range, compared to its original guidance of mid-single digit growth. The Company reaffirms all other guidance for the third quarter and full fiscal year 2014, which includes delivering mid-single digit comparable store sales growth and positive free cash flow for the year.

“JCPenney is gaining back market share, increasing sales and improving gross margins, while continuing to tightly manage expenses,” said Edward Record, chief financial officer. “By successfully focusing on our core business strengths, we delivered three consecutive quarters of positive sales and developed a strong foundation for growth. We are excited about the initiatives we laid out today and remain focused on restoring profitability and delivering long-term value to our shareholders.”

An audio replay of the 2014 Analyst Meeting can be accessed at ir.jcpenney.com. The audio file will be archived for 90 days.

For further information, contact:

Media Relations
jcpnews@jcp.com; 972.431.3400

Investor Relations
jcpinvestorrelations@jcpenney.com; 972.431.5500

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.

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 trends, gross margin, liquidity and cost savings. 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 turnaround strategy, customer acceptance of our new 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, 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 and subsequent filings 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.

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