J.C. PENNEY CEO MARVIN ELLISON CONTINUES TO BELIEVE IN TURNAROUND OF BUSINESS

J. C. Penney Company, Inc. has updated its 2016 full year guidance. The Texas-based retail chain now expects an EBITDA of $1 billion, which will result in positive adjusted earnings per share, as well as an increase in comparable store sales in the 3-4 percent range.

For the first quarter, which ended on April 30, 2016, EBITDA improved $68 million to $176 million for the quarter, a 63% improvement from the same period last year. Adjusted EBITDA improved 80% to $153 million, a $68 million improvement from the same period last year. For the first quarter, the company delivered a 55% improvement in net income over the prior year to a loss of $68 million or ($0.22) per share.

Men’s apparel was among the company’s top-performing divisions, and the Northeast and Ohio Valley were the best performing regions of the country.

“Although our business was not immune to the issues facing other retailers, I am pleased that we were able to deliver our second consecutive quarter of positive operating profit,” said CEO Marvin Ellison. “In addition, the teams did an excellent job of proactively managing the business throughout the quarter to ensure we remained a fiscally disciplined organization. As a result, we exceeded our profitability expectations. We remain confident that our turnaround remains on track.”