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News Breaks
November 8, 2012
12:58 EDTJCPEarnings Preview: J.C. Penney trades lower ahead of Q3 earnings report
J.C. Penney (JCP) is expected to report Q3 earnings before the market open on Friday, November 9, with a conference call scheduled for 8:00 am ET. Analysts are looking for EPS of (7c) on revenue of $3.27B. The consensus range is (20c)-12c for EPS, and revenue of $3.16B-$3.38B, according to First Call. After reporting lower than expected Q2 results, J.C. Penney said it no longer expected to meet its previous FY12 non-GAAP EPS view of $2.16. The retailer said it expected to end FY12 with in excess of $1B of cash on the balance sheet. During the quarter, Citigroup hosted a conference call with consultant Elizabeth Haynes, with her research indicating that consumers are responding to J.C. Penney's new product assortment as conversion levels have increased since July. Deutsche Bank said J.C. Penney sent a $10 off coupon in an email to customers and believes the coupon indicates the company's everyday low pricing strategy transition continues to be difficult. The firm thinks J.C. Penny could announce additional coupons and promotional events into the holiday period. Analysts and investors will listen for comments from the company on the upcoming holiday season, as well as the impact it sees from Hurricane Sandy in Q4.
News For JCP From The Last 14 Days
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November 24, 2015
06:20 EDTJCPRetailers hunt for new breaches after warning on malware, Reuters says
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November 17, 2015
10:13 EDTJCPJ.C. Penney management to meet with Buckingham
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November 16, 2015
16:29 EDTJCPJ.C. Penney announces plans to retire $500M asset-based term loan
J. C. Penney Company announced that it has received $500M of incremental bank commitments to increase the size of the Revolving Line of Credit under its existing Senior Secured Asset-Based Credit Facility to $2.35B from $1.85B. In connection with upsizing the revolving credit facility, the Company also intends to prepay and retire the outstanding principal amount of its $500M Term Loan previously issued under the ABL, which is scheduled to mature in June 2019. The Company expects to close these transactions in December.The Company expects that retirement of the ABL Term Loan will reduce interest expense by approximately $20M annually, beginning in 2016. The $2.35B ABL revolving line of credit, which will also mature in June 2019, will remain available for seasonal working capital needs and general corporate purposes. Marvin Ellison, chief executive officer, said, "We proactively pursued this transaction to reduce our long-term debt and ongoing interest expense and to further enhance our financial flexibility while maintaining our strong liquidity position as we continue to make progress on our goal of $1.2B in EBITDA by 2017."
11:35 EDTJCPDillard's sinks to 52-week low after joining chorus of 'disappointed' retailers
Shares of Dillard's (DDS), a retailer of fashion apparel, cosmetics and home furnishing, are falling to their worst level in a year after the company became the latest in its industry to report lower than expected third quarter results. WHAT'S NEW: This morning, Dillard's reported Q3 earnings per share of $1.19 and revenue of $1.435B, narrowly missing analysts' consensus estimates of $1.20 and $1.49B, respectively. Same-store sales for the quarter fell 4%. Total merchandise sales decreased 3% for the 13-week period ended October 31. Weaker performing categories were men's apparel and accessories and ladies' accessories and lingerie with notable weakness in home and furniture the company explained. Dillard's Chief Executive Officer, William T. Dillard, II, stated, "We are disappointed with our third quarter sales performance and in the resulting decline in profit. Share buyback remained a high priority, and we repurchased $175 million of stock under our share repurchase program." WHAT'S NOTABLE: Gross margin from retail operations improved 11 basis points of sales for the 13 weeks ended October 31 compared to the prior year third quarter. Consolidated gross margin for the 13 weeks ended October 31 declined 30 basis points of sales compared to the prior year third quarter. The disparity between retail and consolidated gross margin performance is attributable to increased revenue at CDI, which is a substantially lower margin business. Inventory increased 6% at October 31 compared to November 1, 2014. For FY15, the company expects capital expenditures of $150M. PRICE ACTION: In late morning trading, Dillard's fell $5.81, or 7.5%, to $71.79 on more than three times its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week low of $68.05. Including today's pull back, the shares have lost about 36% over the past 12 months. OTHERS TO WATCH: Other apparel, cosmetics and home furnishing retailers include Macy's (M), Kohl's (KSS), JC Penny (JCP), Sears (SHLD) and Nordstrom (JWN).

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