On Thursday, Shares of J. C. Penney Company, Inc. (NYSE:JCP), lost -2.42% to $8.07.
Today, J. C. Penney Company declared financial results for its second quarter ended August 1, 2015. The Company stated net sales of $2.88 billion contrast to $2.80 billion in the second quarter of 2014. Same store sales raised 4.1 % for the period.
For the quarter, Men`s, Home, Sephora and Fine Jewelry were the Company`s top performing merchandise divisions. In particular, Sephora continued its strong performance this quarter with a double digit enhance in comparable store sales. Geographically, all regions practiced sales growth when contrast to the same period last year with the best performance in the western and central regions of the country.
For the second quarter, gross margin improved 100 basis points to 37.0 % of sales, driven by improvements in our clearance and promotional selling margins.
SG&A expenses for the quarter were down $63 million to $901 million or 31.3 % of sales, representing a 310 basis point improvement from last year. These savings were primarily driven by lower store controllable costs, advertising and improved private label credit card revenue.
Operating income for the quarter improved 46 % over last year to a loss of $38 million. EBITDA improved by $25 million to $115 million. On an adjusted basis, EBITDA improved by $95 million to $134 million. In the second quarter, the Company showed a 20 % improvement in net income over the preceding year to a loss of $138 million or $(0.45) per share.
J.C. Penney Company, Inc., through its partner, J. C. Penney Corporation, Inc., sells merchandise through department stores in the United States. The company sells family apparel and footwear, accessories, fine and fashion jewelry, beauty products, and home furnishings, in addition to provides various services, counting styling salon, optical, portrait photography, and custom decorating.
Shares of Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR-A), declined -4.74% to $5.43, during its last trading session.
State-controlled Petróleo Brasileiro SA agreed on Friday to refinance an outstanding 6 billion reais ($1.7 billion) tax debt with the Brazilian government, allowing the debt-laden oil producer to restructure an onerous liability, according to Reuters.
Under terms of the plan, the company commonly known as Petrobras will have the debt cut by half, and use tax credits to write down 876 million reais of the remaining amount. The company will use 1.26 billion reais from a judicial cash escrow account to pay part of the debt. Reuters Reports
The remainder will be paid in installments between this year and 2017, according to a securities filing. Reuters added.
Petróleo Brasileiro S.A. Petrobras operates as an integrated energy company in Brazil and internationally. Its Exploration and Production segment engages in the exploration, development, and production of crude oil, natural gas liquids, and natural gas; and sale of crude oil and oil products produced at natural gas processing plants in domestic and foreign markets.
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