WASHINGTON (dpa-AFX) - J. C. Penney Company, Inc. (JCP) reported fourth-quarter adjusted net income per share of $0.13 compared to $0.18, a year ago. On average, nine analysts polled by Thomson Reuters expected the company to report a loss per share of $0.06, for the quarter. Analysts' estimates typically exclude special items.
Fourth-quarter total net sales decreased 7.7% to $3.38 billion from last year. Comparable store sales decreased 7.0% for the quarter. Adjusted comparable store sales decreased 4.7% for the quarter. Analysts expected revenue of $3.44 billion for the quarter.
For fiscal 2020, the company projects comparable store sales to decline in a range of 3.5% to 4.5%. Adjusted EBITDA is expected to increase 5% to 10%. Free cash flow is anticipated to be positive, for the fiscal year. The guidance does not include any potential impact from the COVID-19 situation.
J. C. Penney Company plans to close at least six store locations in fiscal 2020.
Shares of J. C. Penney Company, Inc. were up 5% in pre-market trade on Thursday.
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