JCPenney Reports Q1 Earnings Exceed Plan

JCPenney Reports Q1 Earnings Exceed Plan

JCPenney said that it exceeded its EBITDA expectations for the first quarter and that it continues to expect to achieve full year EBITDA guidance of $1 billion. JCPenney will report its results for the first quarter this Friday, May 13.

The retailer updated its guidance while reporting that it was incorporating an appliance showroom to nearly 500 stores and online at jcp.com. JCPenney will also be pursuing its former leadership position in window coverings by allocating another 25 percent of floor space to an enhanced presentation of ready-made curtains, blinds, shades and decorative hardware in inspiring, open-sell displays that deliver a superior shopping experience.

As part of a comprehensive effort to improve the sales productivity of its Home department and increase revenue per customer, JCPenney will also test new initiatives with Ashley Furniture and Empire Today, a national leader in the installed carpet and flooring industry.

Marvin R. Ellison, chief executive officer for JCPenney, said, “The current housing market presents a lucrative opportunity to diversify our Home assortment and strategically align with consumer spending patterns. By combining our soft home and window coverings merchandise with the industry`s leading brands for appliances, furniture and flooring, JCPenney will become a destination for home design and redecorating, allowing us to weather-proof our business during seasonal periods of the year.”

The company has a goal of achieving $1.2 billion in EBITDA by the end of 2017.