American apparel and home furnishings retailer, JCPenney has announced its financial results for the third quarter ending on 29th October 2016. The company reported a marginal increase of 0.8 per cent in comparable sales. Its net loss improved by 42 per cent to US $ 67 million against the prior year.
For the quarter, Sephora, Home, Salon and Fine Jewellery were the company’s top performing divisions. EBITDA improved US $ 36 million to US $ 172 million for the quarter, marking a 26 per cent improvement from the same period last year. Adjusted EBITDA improved 57 per cent to US $ 174 million, a US $ 63 million improvement from the corresponding period last year.
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Commenting on the company’s performance, Marvin R. Ellison, Chairman and CEO, JC Penney averred, “We are pleased to see strong sales performance in the growth initiatives we discussed at our most recent analyst meeting. 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.”
