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J. C. Penney Boosts 4Q Revenue on 'Successful' Holiday Season

Feb 29, 2016 9:27 AM   By Rapaport News
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RAPAPORT... J. C. Penney’s revenue rose 2.6 per cent to $4 billion in the three months to January 30, the retailer reported.

Comparable store sales advanced 4.1 percent year on year in the fourth fiscal quarter that included a “successful” holiday season.

However, the company’s GAAP loss widened to $131 million from $35 million a year earlier and loss per share deepened to $0.43 from $0.11, according to a statement February 26. On a non-GAAP basis, profit soared from $13 million to $121 million, while adjusted earnings per diluted share increased from $0.04 to $0.39.

Revenue in the full fiscal year advanced 3 percent to $12.63 billion.

“Our focus on private brands, omnichannel and revenue per customer is clearly resonating as we continue to win market share in a competitive environment,” said Marvin Ellison, J. C. Penney’s chief executive officer.
Tags: holiday sales, J. C. Penney, jcpenney, Rapaport News, results, retail, retailers, u.s.
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