PLANO, Texas, Jan 09, 2020 (GLOBE NEWSWIRE via COMTEX) -- J. C. Penney Company, Inc. /zigman2/quotes/204684963/composite JCP -4.00% announced today that its comparable store sales for the combined nine-week period ending Jan. 4, 2020 decreased 7.5 %. Adjusted comparable store sales, which exclude the impact of the Company's exit from major appliance and in-store furniture categories, decreased 5.3 %.
The Company also reaffirmed its financial guidance for full year fiscal 2019 as follows:
-- Comparable store sales: expected to be in a range of (7.0) % to (8.0) %;
-- Adjusted comparable store sales, which excludes the impact of the Company's exit from major appliances and in-store furniture categories: expected to be in a range of (5.0) % to (6.0) %;
-- Cost of goods sold, as a percent of net sales, expected to decrease 150 to 200 basis points compared to last year;
-- Adjusted EBITDA expected to exceed $475 million; and
-- Free Cash Flow: expected to be positive.
A reconciliation of non-GAAP forward-looking projections to GAAP financial measures is not available as the nature or amount of potential adjustments, which may be significant, cannot be determined now.
The Company will report its fourth quarter and fiscal 2019 results on Feb. 27, 2020.
Investors and others should note that the Company currently announces material information using SEC filings, press releases, public conference calls and webcasts. In the future, the Company will continue to use these channels to distribute material information about the Company and may also utilize its website and/or various social media to communicate important information about the Company, key personnel, new brands and services, trends, new marketing campaigns, corporate initiatives and other matters. Information that the Company posts on its website or on social media channels could be deemed material; therefore, the Company encourage investors, the media, its customers, business partners and others interested in the Company to review the information the Company posts on its website as well as the following social media channels:
Any updates to the list of social media channels the Company may use to communicate material information will be posted on the Investor Relations page of the Company's website at www.jcpenney.com .
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J. C. Penney Company, Inc. , one of the nation's largest apparel and home retailers, combines an expansive footprint of approximately 850 stores across the United States and Puerto Rico with a powerful e-commerce site, jcp.com, to deliver style and value for all hard-working American families. At every touchpoint, customers will discover stylish merchandise at incredible value from an extensive portfolio of private, exclusive and national brands. Reinforcing this shopping experience is the customer service and warrior spirit of approximately 95,000 associates across the globe, all driving toward the Company's mission to help customers find what they love for less time, money and effort. For additional information, please visit the website.