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J. C. Penney Company, Inc. Reports 2012 Fiscal Third Quarter Results

PLANO, Texas, Nov. 9, 2012 /PRNewswire/ -- J. C. Penney Company, Inc. (NYSE: JCP) today announced financial results for its fiscal third quarter ended October 27, 2012. For the quarter, jcpenney reported a net loss of $123 million or $0.56 per share. Excluding the net gain on the sales of non-core assets, restructuring and management transition charges, and non-cash primary pension plan expense, adjusted net loss for the quarter was $203 million or $0.93 per share. A reconciliation of GAAP to non-GAAP financial measures is included in the schedules accompanying the consolidated financial statements included with this release.

(Logo: http://photos.prnewswire.com/prnh/20110222/DA51975LOGO)

Ron Johnson, chief executive officer of jcpenney said, "While the quarter overall was challenging, the performance of jcp's new brands and shops reinforces our conviction to transform jcpenney into a specialty department store.  Today, jcp is really a tale of two companies.  By far the largest part of our store is the old jcpenney, which continues to struggle and experience significant challenges as evidenced by our third quarter results.  However, the new jcp, centered around the shop concept, is gaining traction with customers every day and is surpassing our own expectations in terms of sales productivity which continues to give us confidence in our long term business model."

Shops Update:
During the quarter, the Company opened shops under the Levi's ®, Izod®, Liz Claiborne®, The Original Arizona Jean Co. ®, and jcp brands.  The Company also opened 38 Sephora inside jcpenney stores, bringing the total to 386.  Currently, the Company has transformed approximately 7.2 million square feet of selling space into the shop format.  The Company will provide additional detail on year-to-date shop performance during an earnings presentation conducted later today. 

Third Quarter Results:
Comparable store sales for the third quarter declined 26.1 percent and total sales decreased 26.6 percent.  Internet sales through jcp.com were $214 million in the third quarter, decreasing 37.3 percent from last year. 

Gross margin was 32.5 percent of sales, compared to 37.4 percent in the same period last year.  Gross margin was impacted by lower than expected sales in the quarter and a higher level of clearance merchandise sales.  

The Company's SG&A expenses decreased $155 million compared to last year's third quarter.

For the third quarter, the Company incurred $34 million in restructuring and management transition charges. These charges comprised the following:

  • Home office and stores $4 million, or $0.01 per share;
  • Store fixtures $18 million, or $0.05 per share;
  • Supply chain $3 million, or $0.01 per share;
  • Management transition $6 million, or $0.02 per share;
  • Other $3 million, or $0.01 per share.

As a result of previous actions taken to reduce the workforce, the Company re-measured its pension plans during the quarter, which resulted in a reduction to non-cash primary pension plan expense of $27 million, bringing total primary pension plan expense in 2012 to $167 million.

The Company ended the third quarter with approximately $525 million in cash and cash equivalents on its balance sheet.   

During the quarter, the Company opened seven new jcpenney stores, including four new stores and three relocations.

Sale of Non-Core Assets:
As part of jcpenney's strategy to monetize assets that are not core to its operations, the Company generated $279 million of cash from the sale of several non-core assets during the third quarter.

Earnings Event Today/Webcast Details:
At 8:00 a.m. ET today, the Company will host an in-person meeting with members of the financial community at SIR Stage 37 in New York City where the jcp leadership team will provide further commentary on the Company's third quarter 2012 financial results. The presentations and question-and-answer session will also be available live via streaming video and webcast on the Company's investor relations website at http://ir.jcpenney.com. Replays of the webcast will be available for up to 90 days after the event.

For individuals without access to the webcast, the event will also be available via live conference call in listen-only mode. To access the presentations and question-and-answer session, please dial (866) 713-8395, or (617) 597-5309 for international callers, and reference 50754540 participant code.  Telephone playback will be available for seven days beginning approximately two hours after the conclusion of the meeting by dialing (888) 286-8010 and (617) 801-6888 for international callers and referencing 15554609 participant code.

For further information, contact:

Eric Cerny and Angelika Torres; (972)431.5500
[email protected]

Kristin Hays and Joey Thomas; (972)431.3400
[email protected]

Corporate Website
ir.jcpenney.com

About jcpenney:
More than a century ago, James Cash Penney founded his company on the principle of the Golden Rule: treat others the way you'd like to be treated – Fair and Square. His legacy continues to this day, as J. C. Penney Company, Inc. (NYSE: JCP) boldly transforms the retail experience across 1,100 stores and jcp.com to become America's favorite store. Focused on making the customer experience better every day, jcpenney is dreaming up new ways to make customers love shopping again. On every visit, customers will discover great prices every day in a unique Shops environment that features exceptionally curated merchandise, a dynamic presentation and unmatched customer service. For more information, visit us at jcp.com.

This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which reflect the Company's current views of future events and financial performance, involve known and unknown risks and uncertainties that may cause the Company's actual results to be materially different from planned or expected results. Those risks and uncertainties include, but are not limited to, general economic conditions, including inflation, recession, unemployment levels, consumer spending patterns, credit availability and debt levels, changes in store traffic trends, the cost of goods, trade restrictions, the impact of changes designed to transform our business, customer acceptance of our new strategies, the impact of cost reduction initiatives, implementation of new systems and platforms, changes in tariff, freight and shipping rates, changes in the cost of fuel and other energy and transportation costs, increases in wage and benefit costs, competition and retail industry consolidations, interest rate fluctuations, dollar and other currency valuations, the impact of weather conditions, risks associated with war, an act of terrorism or pandemic, a systems failure and/or security breach that results in the theft, transfer or unauthorized disclosure of customer, employee or Company information and legal and regulatory proceedings.  Please refer to the Company's most recent Form 10-K and subsequent filings for a further discussion of risks and uncertainties. Investors should take such risks into account when making investment decisions. We do not undertake to update these forward-looking statements as of any future date.

 

J. C. PENNEY COMPANY, INC.

SUMMARY OF OPERATING RESULTS

(Unaudited)

(Amounts in millions except per share data)




















Three months ended


Nine months ended





Oct. 27,


Oct. 29,


% Inc.


Oct. 27,


Oct. 29,


% Inc.





2012


2011


(Dec.)


2012


2011


(Dec.)

STATEMENTS OF OPERATIONS:













Total net sales


$ 2,927


$ 3,986


(26.6)%


$ 9,101


$ 11,835


(23.1)%

Costs of goods sold


1,975


2,497


(20.9)%


5,959


7,254


(17.9)%

Gross margin


952


1,489


(36.1)%


3,142


4,581


(31.4)%

Operating expenses/(income):














Selling, general and administrative (SG&A)


1,087


1,242


(12.5)%


3,297


3,766


(12.5)%


Primary pension plan


42


22


90.9%


139


65


100+%


Supplemental pension plans


9


9


0.0%


28


23


21.7%



Total pension


51


31


64.5%


167


88


89.8%


Depreciation and amortization


133


127


4.7%


386


383


0.8%


Real estate and other, net


(197)


(5)


(100+)%


(412)


(24)


(100+)%


Restructuring and management transition


34


265


(87.2)%


269


297


(9.4)%


Total operating expenses


1,108


1,660


(33.3)%


3,707


4,510


(17.8)%

Operating income/(loss)


(156)


(171)


8.8%


(565)


71


(100+)%

Net interest expense


55


55


0.0%


169


170


(0.6)%

Income/(loss) before income taxes


(211)


(226)


6.6%


(734)


(99)


(100+)%

Income tax expense/(benefit)


(88)


(83)


(6.0)%


(301)


(34)


(100+)%

Net income/(loss)


$ (123)


$ (143)


14.0%


$ (433)


$ (65)


(100+)%
















Earnings/(loss) per share - basic


$ (0.56)


$ (0.67)


16.4%


$ (1.98)


$ (0.30)


(100+)%

Earnings/(loss) per share - diluted


$ (0.56)


$ (0.67)


16.4%


$ (1.98)


$ (0.30)


(100+)%































FINANCIAL DATA:












Comparable store sales increase/(decrease)


(26.1)%


(1.6)%




(22.3)%


1.2%


















Ratios as a percentage of sales:














Gross margin


32.5%


37.4%




34.5%


38.7%




SG&A expenses


37.1%


31.2%




36.2%


31.8%




Total operating expenses


37.8%


41.7%




40.7%


38.1%




Operating income/(loss)


(5.3)%


(4.3)%




(6.2)%


0.6%



Effective income tax rate


41.7%


36.7%




41.0%


34.3%

































COMMON SHARES DATA:











Outstanding shares at end of period


219.2


213.4




219.2


213.4



Weighted average shares outstanding (basic shares)


219.4


213.3




219.1


218.6



Weighted average shares used for diluted EPS


219.4


213.3




219.1


218.6



 

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Amounts in millions)
















Oct. 27,




Oct. 29,






2012




2011











Assets









Current assets









Cash in banks and in transit



$ 141




$ 205


Cash short-term investments



384




880



Cash and cash equivalents



525




1,085


Merchandise inventory



3,362




4,376


Income tax receivable



69




175


Deferred income taxes



409




189


Prepaid expenses and other



265




285

Total current assets



4,630




6,110

Property and equipment, net



5,391




5,242

Prepaid pension



-




668

Other assets



767




807

Total assets



$ 10,788




$ 12,827





















Liabilities and stockholders' equity








Current liabilities









Merchandise accounts payable



$ 1,408




$ 1,831


Other accounts payable and accrued expenses



1,242




1,404


Current maturities of capital leases and notes payable


22




1


Current maturities of long-term debt



-




230

Total current liabilities



2,672




3,466

Long-term capital leases and notes payable



75




3

Long-term debt



2,868




2,868

Deferred taxes



786




1,152

Other liabilities



885




816

Total liabilities



7,286




8,305

Stockholders' equity



3,502




4,522

Total liabilities and stockholders' equity



$ 10,788




$ 12,827

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Amounts in millions)


















Three months ended




Nine months ended





Oct. 27,


Oct. 29,




Oct. 27,


Oct. 29,





2012


2011




2012


2011














Cash flows from operating activities:











Net income/(loss)


$ (123)


$ (143)




$ (433)


$ (65)

Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:












Restructuring and management transition


12


216




102


230


Asset impairments and other charges


6


6




10


8


Net gain on sales or redemption of non-core assets

(197)


-




(397)


-


Depreciation and amortization


133


127




386


383


Benefit plans


31


18




110


46


Stock-based compensation


12


7




38


33


Excess tax benefits from stock-based compensation

6


(1)




(17)


(5)


Deferred taxes


(27)


9




(224)


(96)

Change in cash from:












Inventory


(369)


(804)




(446)


(1,163)


Prepaid expenses and other assets


(26)


(89)




(41)


(86)


Merchandise accounts payable


393


445




386


698


Current income taxes


74


(108)




108


(34)


Accrued expenses and other


27


12




(237)


(82)



Net cash provided by/(used in) operating activities

(48)


(305)




(655)


(133)












Cash flows from investing activities:












Capital expenditures


(341)


(174)




(580)


(469)


Proceeds from the sales or redemption of non-core assets


279


-




525


-


Acquisition of tradenames


-


-




(9)


-


Proceeds from sale of operating assets


-


1




-


1


Proceeds from joint venture cash distribution


-


53




-


53



Net cash provided by/(used in) investing activities

(62)


(120)




(64)


(415)












Cash flows from financing activities:












Payment of capital leases and notes payable


(13)


-




(13)


-


Payment of long-term debt


(230)


-




(230)


-


Financing costs


-


-




(4)


(15)


Stock repurchase program


-


-




-


(900)


Proceeds from issuance of stock warrant


-


-




-


50


Proceeds from stock options exercised


1


1




70


12


Other changes in stockholders' equity


(11)


1




-


(1)


Dividends paid


-


(43)




(86)


(135)



Net cash provided by/(used in) financing activities

(253)


(41)




(263)


(989)

Net increase/(decrease) in cash and cash equivalents


(363)


(466)




(982)


(1,537)

Cash and cash equivalents at beginning of period


888


1,551




1,507


2,622

Cash and cash equivalents at end of period


$ 525


$ 1,085




$ 525


$ 1,085

 

Reconciliation of Non-GAAP Financial Measures

(Unaudited)

(Amounts in millions except per share data)



























We define (1) adjusted operating income/(loss) as operating income/(loss) excluding the impact of markdowns related to the alignment of inventory with our new strategy, restructuring and management transition charges, the non-cash impact of the primary pension plan expense and the net gain on sales or redemption of non-core assets and (2) adjusted net income/(loss) and adjusted earnings/(loss) per share - diluted as net income/(loss) and earnings/(loss) per share - diluted, respectively, excluding the after-tax impacts of markdowns related to the alignment of inventory with our new strategy, restructuring and management transition charges, the non-cash impact of the primary pension plan expense and the net gain on sales or redemption of non-core assets. We believe that the presentation of these non-GAAP financial measures is useful in order to better understand our financial performance as well as facilitate the comparison of our results to the results of our peer companies. It is important to view each of these non-GAAP financial measures in addition to, rather that as a substitute for, the GAAP measures of operating income/(loss), net income/(loss) and earnings/(loss) per share-diluted, respectively.














 












ADJUSTED OPERATING INCOME/(LOSS), NON-GAAP FINANCIAL MEASURE

The following table reconciles operating income/(loss), the most directly comparable GAAP measure, to adjusted operating income/(loss), a non-GAAP financial measure:



























Three months ended


Nine months ended





Oct. 27,


Oct. 29,


Oct. 27,


Oct. 29,





2012


2011


2012


2011

Operating income/(loss)


$ (156)


$ (171)


$ (565)


$ 71


As a percent of sales


(5.3)%


(4.3)%


(6.2)%


0.6%

Add:

Markdowns - inventory strategy alignment


-


-


155


-


Restructuring and management transition










charges


34


265


269


297


Primary pension plan expense


42


22


139


65

Less:

Net gain on sales or redemption of non-core assets


(197)


-


(397)


-

Adjusted operating income/(loss) (non-GAAP)


$ (277)


$ 116


$ (399)


$ 433


As a percent of sales


(9.5)%


2.9%


(4.4)%


3.7%























 

ADJUSTED NET INCOME/(LOSS) AND ADJUSTED EARNINGS/(LOSS) PER SHARE-DILUTED, NON-GAAP FINANCIAL MEASURES

The following table reconciles net income/(loss) and earnings/(loss) per share-diluted, the most directly comparable GAAP measures, to adjusted net income/(loss) and adjusted earnings/(loss) per share-diluted, non-GAAP financial measures:
















Three months ended


Nine months ended





Oct. 27,


Oct. 29,


Oct. 27,


Oct. 29,





2012


2011


2012


2011

Net income/(loss)


$ (123)


$ (143)


$ (433)


$ (65)

Earnings/(loss) per share - diluted


$ (0.56)


$ (0.67)


$ (1.98)


$ (0.30)












Add:

Markdowns - inventory strategy alignment, net of tax of $-, $-, $60, $-


-


-


95


-


Restructuring and management transition charges, net of tax of $13, $98, $104, $111


21


167


165


186


Primary pension plan expense, net of tax of

$16, $8, $54, $25


26


14


85


40

Less:

Net gain on sales or redemption of non-core

assets, net of tax of $(70), $-, $(146), $-


(127)


-


(251)


-












Adjusted net income/loss (non-GAAP)


$ (203)


$ 38


$ (339)


$ 161












Adjusted earnings/(loss) per share - diluted (non-GAAP)


$ (0.93)


$ 0.18


$ (1.55)


$ 0.73

 

Reconciliation of Non-GAAP Financial Measures

(Unaudited)

(Amounts in millions except per share data)


Free cash flow is a key financial measure of our ability to generate additional cash from operating our business and in evaluating our financial performance. We define free cash flow as cash flow from operating activities, less capital expenditures and dividends paid, plus the proceeds from the sale of operating assets. Free cash flow is a relevant indicator of our ability to repay maturing debt, revise our dividend policy or fund other uses of capital that we believe will enhance stockholder value. Free cash flow is considered a non-GAAP financial measure under the rules of the SEC. Free cash flow is limited and does not represent remaining cash flow available for discretionary expenditures due to the fact that the measure does not deduct payments required for debt maturities, pay-down of off-balance sheet pension debt, and other obligations or payments made for business acquisitions. Therefore, it is important to view free cash flow in addition to, rather than as a substitute for, our entire statement of cash flows and those measures prepared in accordance with GAAP.

 

FREE CASH FLOW, NON-GAAP FINANCIAL MEASURE

The following table reconciles cash flow from operating activities, the most directly comparable GAAP measure, to free cash flow, a non-GAAP financial measure:


















Three months ended




Nine months ended





Oct. 27,


Oct. 29,




Oct. 27,


Oct. 29,





2012


2011




2012


2011

Net cash provided by/(used in) operating activities


$ (48)


$ (305)




$ (655)


$ (133)














Add:

Proceeds from sale of operating assets


-


1




-


1














Less:

Capital expenditures


(341)


(174)




(580)


(469)


Dividends paid


-


(43)




(86)


(135)

Free cash flow (non-GAAP)


$ (389)


$ (521)




$ (1,321)


$ (736)

 

Non-GAAP Financial Measure


We report our financial information in accordance with generally accepted accounting principles in the United States (GAAP). However, we present certain financial measures identified as non-GAAP under the rules of the Securities and Exchange Commission (SEC) to assess our results. We believe that the presentation of these non-GAAP financial measures provides enhanced visibility into our gross margin during our transformation, provides useful information about our selling, general and administrative expense structure and facilitates the comparison of our results to the results of our peer companies. It is important to view non-GAAP financial measures in addition to, rather than as a substitute for, those measures and ratios prepared in accordance with GAAP. We have provided reconciliations of the most directly comparable GAAP measures to our non-GAAP financial measures.

 


SELLING MARGIN, NON-GAAP FINANCIAL MEASURE 

We define selling margin as sales in our stores and internet divided by direct cost from our vendors and freight.  Selling margin excludes costs indirectly incurred in procuring and bringing inventory to its existing condition and location, clearance markdowns and reserves under the retail method of accounting and sales and gross margin associated with our outlet stores.  In addition, it excludes sales adjustments for the change in reserve for estimated returns and items that have been sold but not shipped and/or delivered and shipping revenue.  The following table reconciles gross margin, the most directly comparable GAAP financial measure, to selling margin, a non-GAAP financial measure:



 Q3 2012 


 Q3 2011 

($ in millions)

 

Sales


Gross 

Margin


Gross Margin

as a % of Sales


 Sales 


 Gross 

 Margin 


Gross Margin

as a % of Sales


Gross margin (GAAP)

2,927


952


32.5%


3,986


1,489


37.4%

Sales adjustments

(26)




0.3%


(23)




0.6%

Outlet stores

-


-


0.0%


(40)


(14)


-0.4%

Inventory transition markdowns on merchandise that was sold during the period

-


-


0.0%


-


-


0.0%

Buying and distribution costs



88


3.0%




88


2.2%

Clearance markdowns and reserves under the retail method of accounting



56


1.9%




(6)


-0.2%

Miscellaneous



(24)


-0.8%




(22)


-0.6%

Selling margin (non-GAAP)

2,901


1,072


37.0%


3,923


1,535


39.1%

 

SOURCE J. C. Penney Company, Inc.

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The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future. In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
SYS-CON Events announced today the How to Create Angular 2 Clients for the Cloud Workshop, being held June 7, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified. Now it’s a component-based well-performing framework. The immersive one-day workshop led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and...
IoT generates lots of temporal data. But how do you unlock its value? How do you coordinate the diverse moving parts that must come together when developing your IoT product? What are the key challenges addressed by Data as a Service? How does cloud computing underlie and connect the notions of Digital and DevOps What is the impact of the API economy? What is the business imperative for Cognitive Computing? Get all these questions and hundreds more like them answered at the 18th Cloud Expo...