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May 20, 2024

JCPenney Sales Slip but Income Tumbles

Posted In: Retail Articles

Earnings slid at JCPenney in the fiscal year ended February 3, 2024, with sales down if in a lesser way.

Penney Intermediate Holdings reported a net income of $30 million versus $221 million in the year before. After a currency translation adjustment, income was $29 million versus $219 million.

Sales were $6.93 billion and revenues, including credit income, were $7.21 billion versus $7.6 billion and $7.96 billion, respectively, in the year earlier. Operating income was $104 million versus $285 million in the year prior.

The JCPenney figures came as part of a United States Securities and Exchange Commission filing by a related entity. Copper Property CTL Pass Through Trust. The trust said the filing is based on information provided by Penney Intermediate Holdings itself a subsidiary of Penney Holdings and Copper Retail. Copper is a joint venture formed in October 2020 and initially owned 50% each by Simon Property Group and Brookfield Asset Management. Simon and Brookfield sold 16.67% of the outstanding interest in Copper to Authentic Brands Group subsequent to the joint venture’s formation.

Last year, JCPenney announced a $1 billion reinvestment program to boost customer experience and operational efficiencies.

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