Source: Company reports
2Q 2016 RESULTS
JC Penney reported 2Q 2016 EPS of ($0.05) versus consensus of ($0.14). EBITDA was $233.0 million, above the consensus of $200.9 million.
Total revenues were $2.92 billion compared to expectations of $2.93 billion. Comps were up 2.2%, in line with expectations.
The best performing divisions during the period were Sephora, home, footwear and handbags. The best performing regions were the Ohio Valley and the Pacific.
FY 2016 OUTLOOK
Management reaffirmed its prior guidance for the full year. Adjusted EPS is expected to be positive, comps are expected to increase 3% to 4%, gross margins are expected to increase 10 to 30bps, SG&A dollars are expected to decline year over year and EBITDA is projected to be $1 billion.
