Boston, MA 03/03/2014 (wallstreetpr) – J.C. Penney Company, Inc. (NYSE:JCP) a venerable American store jumped in the market by as much as 26% after reporting better than expected results for its fourth quarter and full year . The retail chain store posted a smaller loss than what Wall Street was anticipating despite being mired with challenges and uncertainty throughout F2013.
J.C. Penney Company, Inc. (NYSE:JCP) fourth quarter loss came in at $0.68 at the back of $3.78 billion in revenue against consensus estimates of $0.85 per share loss on $3.85 billion total revenue. The chain store benefited a lot from onetime tax benefit from the sale of some of its asset that allowed the company’s profit to clock in at $35 million. JCP main target throughout the quarter was to stabilize the entire business operations while ensuring they are financially viable. JCP during the fourth quarter was able to restore its process disciplines promotions as well as inventory levels.
JCP financial results
The full year saw the company registering an operating net loss of $1.42 billion that included restructuring and management transition charges amounting to $215 million. Comparable store sales were on a drop, falling by as much as 7.4% with total full year sales also dropping by 8.7% for the entire year. Same store sales on the other hand were up by 2% the first time they have been on a rise since 2011. JCP management expects same store sales to grow by 3% to 5% in the current fiscal year.
J.C. Penney Company, Inc. (NYSE:JCP) stock underwent a spark on February 25, 2014 after reaching a 52 week high of $21.76 per share and later plummeting by highs of 75%. Internet sales on the other hand have been doing quite well surging by $59 million in the year to clock in total of $1.08 billion for the year an increase of 5.8% over the prior year.
J.C. Penney Company, Inc. (NYSE:JCP) had rough day on Friday trading session going down by 2.54% to close the week at a low of $7.28a share.
