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US retailer JC Penney Co Inc. has posted a 65.5 percent increase in profits for the fourth quarter, surpassing Wall Street expectations. Earnings for the full-year more than doubled compared with last year.”The team hit every internal metric. They are all expecting bonuses,” chairman and chief executive Myron Ullman 3 rd told WWD in a telephone interview. He added that customer response to the company’s planning and merchandise had been positive and pointed out that the quarterly results reflected the company’s ability to offer lifestyle merchandise at “smart prices”. Ullman also said that shoppers had responded well to the retailer’s bolder marketing for some of its brands, resulting in better sell-throughs.
Net income for the quarter, ended 28 January, rose to $551 million (£316 million) from $333 million last year. Sales climbed 4.2 percent to $6.2 billion, while same-store sales rose 2.6 percent. Direct sales in the catalogue and Internet business climbed 3.7 percent, with sales through the retailer’s website gaining 22 percent. Meanwhile, gross margin increased 3.9 percent to $2.29 billion.
Last year, JC Penney opened 18 new stores, more than it had done in eight years. Profits for the full year rose to $1.09 billion, up from $524 million the year before. Sales climbed 3.8 percent to $18.78 billion. During a conference call with Wall Street analysts, president and chief merchandising officer Ken Hicks said strong performances came from family shoes, women’s accessories, children’s and fine jewellery. “While women’s apparel was a challenging business this fall across the entire industry, our planning allocation processes and controls enabled us to effectively manage our inventory ending the season on our stock plan in women’s apparel,” he said.
Analysts reacted positively to the news. “We are encouraged by JC Penney’s efforts to adapt to consumers’ changing preferences and reposition itself within the retail landscape,” Lehman Brothers analyst Robert Drbul wrote in a research note. Oppenheimer & Co analyst Bernard Sosnick wrote in his research note: “In our view, JC Penney seems capable of continuing to beat expectations by a wide margin. We expect JCP shares to move into the $60 to $70 range.”
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