J. C. Penney Company, Inc. (NYSE: JCP) announced on January 8th, 2019, that its comparable store sales for the combined nine-week period ending January 5th, 2019, decreased 3.5 % on a shifted basis.
On an unshifted basis, comparable sales
decreased 5.4 %. The Company also reaffirmed its expectations to generate positive free cash flow in fiscal 2018, reduce inventory in excess of $225 million or 8% and expects to end the year with liquidity in excess of $2 billion.
Additionally, JCPenney will initiate three preliminary store closings this spring as part of an ongoing evaluation of its store portfolio occurring over the next few months, which includes assessing locations that may not meet required financial targets or represent a market
opportunity to capitalize on a beneficial real estate asset.
Further information related to
future store closings will be shared on February 28th, 2019 when the Company reports its fourth
quarter and fiscal 2018 results.