J. C. Penney today reported earnings for its holiday quarter, reflecting marginal gains in sales, impacted by lower promotional activity and inventory reductions. Sales climbed 1.7% to $4.03 billion compared to $3.96 billion a year earlier.
Profit, meanwhile, had a benefit of $75 million for the quarter from the recent US tax reform, pushing profit to $254 million or $0.81 per share. Conversely, on an adjusted basis, earnings per share declined 10.9% to $0.57 per share.
Comparable sales for the retailer was up 2.6% for the quarter and increased 0.1% for full year 2017.
For full-year 2018, Penney expects comparable store sales to be in the range of 0% to 2%, while adjusted EPS is expected to be in the range of $0.05 to $0.25.
J. C. Penney CEO said in the quarterly report that the company will intensify its market share efforts in Appliances, Mattresses and Furniture, while continuing to take steps to modernize its apparel assortment and omni-channel.