— JC Penney Company Inc. (NYSE: JCP) reported adjusted net income of $43 million or $0.13 per share for the fourth quarter of 2019, compared to $57 million or $0.18 per share last year. Analysts expected a loss of $0.06 per share.
— Unadjusted net income was $27 million or $0.08 per share, compared to $75 million or $0.24 per share a year earlier
— Total net sales decreased 7.7% annually to $3.38 billion from $3.67 billion in the fourth quarter of 2018, vs. $3.44 billion expected
— Comparable store sales dropped 7% during the three-month period, while adjusted comparable store sales dipped 4.7%
— Expects comparable store sales to decline between 3.5% and 4.5% in fiscal 2020
— Expects cost of goods sold, as a rate of net sales, to improve by 100-130 basis points in 2020
— Looking for 5-10% year-over-year increase in full-year adjusted EBITDA; expects free cash flow to be positive