US-based department chain store JCPenney has announced the financial results for the first quarter of the fiscal ended on May 5, 2018.
During the period under review, the retailer reported a 4.3 per cent decline in total net sales to US $ 2.58 billion as compared to US $ 2.70 billion in the same quarter ended April 29, 2017. The closure of 141 stores in the second and third quarters of fiscal 2017 was majorly responsible for the decline in net sales in the reporting quarter.
Comparable sales, however, noted a 0.2 per cent increase. The company performed well in the Gulf Coast and Southeast, while jewellery, Sephora, Men’s and Salon were the top performing divisions and categories of the company during the reporting quarter.
Net loss for the reporting quarter was US $ 78 million as compared to a net loss of US $ 187 million in same quarter of the previous fiscal.
JCPenney has now revised its 2018 full-year guidance and expects to note comparable sales at 0.0 to 2.0 per cent.
Markedly, JCPenney is one of the nation’s largest apparel and home retailers, combines an expansive footprint of over 860 stores across the United States and Puerto Rico with a powerful e-commerce site, jcp.com, to deliver style and value for all hard-working American families.
