JC PENNEY REVENUES MISS AT $3.88 BILLION (Est. $4.08 B)!!! Groupon sees 1Q revenue $560-$610 million, est. $647.7 million; shares fall 15%!!!

Business Insider‏@businessinsider

DISASTER: JC PENNEY SAME STORE SALES PLUMMET 32% [link to read.bi]

zerohedge‏@zerohedge

JCP's same store sales down 32% is apparently part of the Ackman master plan

4 min zerohedge‏@zerohedge

JCP implosion: EPS -$1.95, Exp.- $0.19. Just needs to expand that multiple a little

J.C. Penney's fourth-quarter earnings announcement is out.

The company announced an adjusted loss per share of $1.95, way below expectations of a much smaller loss of $0.24 per share.

Revenues came in at $3.88 billion. Analysts were looking for $4.08 billion.

Same-store sales were down 32 percent in the fourth quarter.

Shares are down 8 percent in after-hours trading.

Below is the full text from the release:

PLANO, Texas, Feb. 27, 2013 -- J. C. Penney Company, Inc. (JCP) today announced financial results for its fiscal fourth quarter and full year ended February 2, 2013. For the quarter, jcpenney reported a net loss of $552 million or $2.51 per share. Excluding restructuring and management transition charges and non-cash primary pension plan expense, the Company`s adjusted net loss for the quarter was $427 million or $1.95 per share.

For the year, jcpenney reported a net loss of $985 million or $4.49 per share. Excluding markdowns related to the alignment of inventory with the Company`s new strategy, restructuring and management transition charges, non-cash primary pension plan expense and the net gain on the sale or redemption of non-operating assets, the Company`s adjusted net loss for the year was $766 million or $3.49 per share. A reconciliation of GAAP to non-GAAP financial measures is included in the schedules accompanying the consolidated financial statements included with this release.

Ron Johnson, chief executive officer of jcpenney said, "Sales and customer traffic were below our expectations in 2012, but as we execute our ambitious transformation plan, we are pleased with the great strides we made to improve jcpenney`s cost structure, technology platforms and the overall customer experience. We have accomplished so much in the last twelve months. We believe the bold actions taken in 2012 will materially improve the Company`s long-term growth and profitability."

Johnson continued, "Looking ahead, we are energized by our shop roll out plans for 2013 and the exciting work our teams are undertaking to transform the store. Combining a new marketing campaign focused on style and value, incredible new brands and updated merchandise, with continued enhancements to the customer experience both in our stores and on jcp.com, we are working towards reconnecting with our core customer while attracting new customers to jcpenney."


Read more: [link to www.businessinsider.com]

zerohedge‏@zerohedge

More than all of JCP's cash on hand was generated from inventory liquidation in the quarter

The local JC Pennys is in a mall thats posted 'no guns' so most of us shop elsewhere. So this is no surprise to me.

zerohedge‏@zerohedge

JCP has another $2.3 billion in inventory it can liquidate. Unclear how the credit facility will feel about this

Talk about a no-brainer in the failure department. Probably has a big bloated bureaucracy. Resistant to change. Where is the internet presence? Sears is on the same track. The walking dead.

Can't blame Unions for this.

zerohedge‏@zerohedge

JCP Q4 Internet sales down 34.4%. Must be the store layout's fault

Know you know why.

J.C. Penney Releases Father's Day Ad Featuring Two Gay Dads


[link to finance.yahoo.com]

zerohedge‏@zerohedge

JCP 2012 Free Cash Flow: -$906 Million, compared to +$23 million in 2011

Now you know why.

Are they crazy???

Hey JC PENNEY how's that gay thingy workin out for ya. Blwawawawwwaaawwa.

Emily Chang‏@emilychangtv

Groupon expects operating loss of up to $10 million in Q1 via @BloombergNews

11 minEmily Chang‏@emilychangtv

Groupon reports $638 million in Q4 revenue but loss of 12 cents/share, shares diving down 15% via @BloombergNews.

11 minDominic Chu‏@The_Domino

Groupon tanking aftermarket -18% now...4Q EPS -$0.05 vs $0.03 est, sales $638M vs. $640M est, sees 1Q sales $560-$610 vs. $648M est $GRPN

13 minBloomberg News‏@BloombergNews

BREAKING: Groupon sees 1Q revenue $560-$610 million, est. $647.7 million; shares fall 15%

Business Insider‏@businessinsider

LIVE: JCPenney CEO Ron Johnson Tries To Explain His Disastrous Quarter by @KimBhasin [link to read.bi]

who cares the market was up almost 200 points

We dont need no stinkin earnings !

zerohedge‏@zerohedge

As of October 27, 2012, JCP had no borrowings under its revolver and $1.3 billion available. This will change soon

zerohedge‏@zerohedge

Maybe Ackman is preparing a 300 page powerpoint on how JCP should return cash to shareholders?