The US-based department store chain JCPenney has revealed its financial results for the third quarter of the fiscal ended on November 3, 2018.
During the said period, the retailer registered a decline of 5.8 per cent in its net sales to US $ 2.65 billion as compared to US $ 2.82 billion in the corresponding year. Comparable sales witnessed a decline of 5.4 per cent for the third quarter on an unshifted basis. Marking out the calendar shift this year due to the 53rd week in 2017, comparable sales were dropped down by 4.5 per cent.
Notably, the American retailer marked out that women and men’s apparel along with accessories were the brand’s top performing segments in the recently concluded quarter.
The company also reported that its net loss was US $ 151 million, or (US $ 0.48) per share, as against net loss of US $ 125 million, or (US $ 0.40) per share during the said time period, previous year.
In a press statement released, Jill Soltau, CEO, JCPenney, said that, he is thrilled to be on board with the country’s leading retail chain and after spending a considerable amount, there is so much potential that can help the company move forward.
“Our goal to put JCPenney back on track towards profitable growth is clear. In the coming weeks and months, I will continue to meet with and learn from our teams across the whole organization. I’ll interact with them on what’s working for us and where we can improve ourselves,” Jill said.
Additionally, the company has announced that it expects comparable sales for fiscal 2018 to be in low single digits.
Markedly, the leading American retailer operates more than 860 stores across the US Puerto Rico and also offers its services via its exclusive e-commerce platform; jcp.com.
