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JCPenney is the fourth national retailer to file for bankruptcy just this month. On May 4, clothing retailer J. Crew filed for bankruptcy , followed by a filing at Neiman Marcus on May 7. Read More. How the mighty have fallen. JCPenney's history began in with its first store in Kemmerer, Wyoming. It grew to become one of the major national retailers, an anchor of many suburban shopping malls along with rivals like Sears and Macy's, M which find themselves facing their o wn struggles today.
JCPenney reached its peak number of stores in , when it operated just over 2, locations nationwide. Today, JCPenney has 85, employees, making the company among the largest US retailers to file for bankruptcy in recent years. JCPenney has been struggling under a mountain of debt and red ink for a decade.
But the last 10 years have been filled with one mistake after another , as a revolving door in executive leadership brought it four different CEOs. Radical changes meant to revive the company — including ending coupons and clearance sales in an attempt to capture more upscale shoppers, and introducing household appliances — proved to be spectacular failures that were quickly undone. But the company was also struggling with the decline in the entire department store sector.
More consumers are shopping online rather than in person, and JCPenney was also battered by the growth of big box discounters such as Walmart WMT , Target TGT and Costco COST , which provide shoppers with lower prices and a selection of items not found in department stores, such as groceries. Since the summer of it has reported net profits in only five quarters, all of them in the holiday shopping season -- it has been unable to make money without that boost in sales.
Despite the history of mistakes and industry trends moving against it, there had been recent signs of hope at JCPenney before this crisis. In November, as the holiday shopping season was just about to start, its losses shrank in the third quarter, and it raised its profit forecast, even as its sales continued to fall. These are the companies Covid is impacting the most - and least.
The coronavirus pandemic ultimately plunged the company into bankruptcy. Like other retailers, JCPenney announced on March 18 that it was closing stores and furloughing its employees during the crisis. Besides cutting off virtually all of JCPenney's revenue, it made the future outlook for the long-troubled retailer that much grimmer. Crew declared bankruptcy. Three other famous stores may follow it.
Although much of that debt won't come due until next year, the company disclosed on April 15 that it had missed a debt payment due that day. It said it was looking at strategic options that were available during a day grace period before it is judged in default of that debt. On May 7 it missed another debt payment, and this one came with only a one-week grace period.
But rather than go in default of that loan, it made that payment on May 14, giving it an extra day before deciding whether or not to file for bankruptcy. A troubled retail sector. The company's bankruptcy filing doesn't necessarily mean JC Penney will go out of business. There can be no assurances that the Company will achieve expected results, and actual results may be materially less than expectations. Please refer to the Company's most recent Form Q for a further discussion of risks and uncertainties.
Investors should take such risks into account and should not rely on forward-looking statements when making investment decisions. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We do not undertake to update these forward-looking statements as of any future date. Stores closed for an extended period are not included in comparable store sales calculations, while stores remodeled and minor expansions not requiring store closure remain in the calculations.
Our definition and calculation of comparable store sales may differ from other companies in the retail industry. We report our financial information in accordance with generally accepted accounting principles in the United States GAAP. We believe the presentation of these non-GAAP financial measures and ratios is useful in order to better understand our financial performance as well as to facilitate the comparison of our results to the results of our peer companies.
In addition, management uses these non-GAAP financial measures and ratios to assess the results of our operations. It is important to view non-GAAP financial measures in addition to, rather than as a substitute for, those measures and ratios prepared in accordance with GAAP. Further, our non-GAAP adjustments are for non-operating associated activities such as closed store impairments included in restructuring and management transition charges and such as joint venture earnings from the sale of excess land included in the proportional share of net income from our Home Office Land Joint Venture.
Comparable store sales is a key performance indicator used by numerous retailers to measure the sales growth of its underlying operations. Comparable store sales that excludes the impact of major appliance and in-store furniture categories is considered a non-GAAP measure. Given our elimination of these categories from our merchandise assortment, we believe that providing a comparable store sales metric that excludes the impact of major appliance and in-store furniture categories is useful for investors to evaluate the impact of these changes to our sales performance.
Free cash flow is a key financial measure of our ability to generate additional cash from operating our business and in evaluating our financial performance. We define free cash flow as cash flow from operating activities, less capital expenditures, plus the proceeds from the sale of operating assets. Free cash flow is a relevant indicator of our ability to repay maturing debt, revise our dividend policy or fund other uses of capital that we believe will enhance stockholder value.
Free cash flow is limited and does not represent remaining cash flow available for discretionary expenditures due to the fact that the measure does not deduct payments required for debt maturities, payments made for business acquisitions or required pension contributions, if any. Therefore, it is important to view free cash flow in addition to, rather than as a substitute for, our entire statement of cash flows and those measures prepared in accordance with GAAP.
Full Year Results The following financial results reflect the 52 weeks ended Feb. Represents the net tax benefit that resulted from our other comprehensive income allocation between our Operating loss and Accumulated other comprehensive income. Reconciliation of Non-GAAP Financial Measures Unaudited Amounts in millions Comparable store sales is a key performance indicator used by numerous retailers to measure the sales growth of its underlying operations.
Three Months Ended. Twelve Months Ended. February 1, February 2, Cost of goods sold exclusive of depreciation and amortization shown separately below. Other accounts payable and accrued expenses. Current maturities of finance leases and note payable. Total liabilities and stockholders' equity. Proceeds from sale of non-operating assets. Insurance proceeds received for damage to property and equipment.
Proceeds from borrowings under the credit facility. Payments of borrowings under the credit facility. Premium on early retirement of long-term debt. Payments of finance leases and note payable. Proceeds from stock issued under stock plans. Tax withholding payments for vested restricted stock. Cash and cash equivalents at end of period.
JCP's Financial Statements and Analysis J C Penney Inc 's. For the first three months of and , we recognized income of $ million and $ million, respectively. Credit income was stronger than expected in. MOST RECENT Annual Report and Form 10K. View PDF View Form 10K (HTML). J. C. Penney Company, Inc does not currently have any hardcopy reports on.