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   Net Assets improves 55 percent over the aforementioned aeon aftermost year

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Disciplined administration and operational beheading collection SG&A accumulation of $93 million; a 280 base point advance adjoin the aforementioned division aftermost year

PLANO, Texas – (May 13, 2016) – J. C. Penney Company, Inc. (JCP) today appear banking after-effects for its budgetary aboriginal division concluded April 30, 2016. Commensurable sales were (0.4) % for the aboriginal quarter.

Marvin R. Ellison, arch controlling officer, said, “The aboriginal division was acutely arduous from a sales perspective. Although our business was not allowed to the issues adverse added retailers, I am admiring that we were able to bear our added afterwards division of absolute operating profit. In addition, the teams did an accomplished job of proactively managing the business throughout the division to ensure we remained a fiscally acclimatized organization. As a result, we exceeded our advantage expectations, accomplishing a 63 % admission in EBITDA to $176 actor for the quarter.”

Ellison continued, “While our aboriginal division sales were beneath our expectations, we are advancement our anniversary atone advice of 3 % to 4 % as a aftereffect of the absolute attributes of our contempo sales trends, the backbone of our Sephora business and our accommodation to advance our apparatus rollout.  However, we are blurred our abounding year gross allowance advice to a 10 to 30 base credibility admission for the year, absorption the rollout of accessories and the accelerated advance of our online business.  Having said that, we abide assured that our turnaround charcoal on track, and we are aflame about our 2016 sales drivers including new Sephora locations, Center Bulk enhancements and our civic rollout of aloft accessories appear beforehand this week.  Accordingly, we are reaffirming our $1 billion in EBITDA for 2016.”

For the quarter, Men`s, Sephora and Footwear and Handbags were the Company`s top assuming divisions. Geographically, the North East and Ohio Valley were the best assuming regions of the country.

For the aboriginal quarter, gross allowance was 36.2 % of sales. Gross allowance was impacted by added markdowns due to awkward weather, partially annual by an advance in our approval affairs margin.

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SG&A costs for the division were bottomward $93 actor to $872 million, or 31.0 % of sales, apery a 280 base point advance from aftermost year. These accumulation were primarily apprenticed by lower controllable costs and accumulated overhead, bargain advertisement absorb and bigger clandestine characterization acclaim agenda income.

EBITDA bigger $68 actor to $176 actor for the quarter, a 63 % advance from the aforementioned aeon aftermost year. Adapted EBITDA bigger 80 % to $153 million, a $68 actor advance from the aforementioned aeon aftermost year. For the aboriginal quarter, the Company delivered a 55 % advance in net assets over the above-mentioned year to a accident of $68 actor or $(0.22) per share. A adaptation of GAAP to non-GAAP banking measures is included in the schedules accompanying the circumscribed banking statements in this release. 

Outlook

The Company adapted its 2016 abounding year advice as follows:

First Division Balance Appointment Alarm DetailsAt 8:30 a.m. ET today, the Company will host a alive appointment alarm conducted by arch controlling administrator Marvin Ellison and arch banking administrator Ed Record.  Administration will altercate the Company`s achievement during the division and booty questions from participants.  To admission the appointment call, amuse punch (877) 337-1347, or (262) 558-6137 for all-embracing callers, and advertence 97042356 appointment ID or appointment the Company`s broker relations website at http://ir.jcpenney.com.

Telephone playback will be accessible for 7 canicule alpha about two hours afterwards the cessation of the affair by dialing (855) 859-2056, or (800) 585-8367 for all-embracing callers, and referencing 97042356 appointment ID.

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Investors and others should agenda that we currently advertise absolute advice appliance SEC filings, columnist releases, accessible appointment calls and webcasts.  In the future, we will abide to use these channels to administer absolute advice about the Company and may additionally advance our website and/or assorted amusing media to acquaint important advice about the Company, key personnel, new brands and services, trends, new business campaigns, accumulated initiatives and added matters.  Advice that we column on our website or on amusing media channels could be accounted material; therefore, we animate investors, the media, our customers, business ally and others absorbed in our Company to analysis the advice we column on our website as able-bodied as the afterward amusing media channels:

Story Continues

Facebook (https://www.facebook.com/jcp) and Twitter (https://twitter.com/jcpnews).

Any updates to the annual of amusing media channels we may use to acquaint absolute advice will be acquaint on the Broker Relations folio of the Company`s website at www.jcpenney.com

Media Relations: (972) 431-3400 or [email protected]

Investor Relations: (972) 431-5500 or [email protected]

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About JCPenney:J. C. Penney Company, Inc. (JCP), one of the nation`s bigger accoutrement and home accoutrement retailers, is on a mission to ensure every arcade acquaintance is annual the customer`s time, money and effort. Whether arcade jcp.com or visiting one of over 1,000 abundance locations aloft the United States and Puerto Rico, barter will ascertain a ample array of articles from a arch portfolio of private, absolute and civic brands.  Supporting this bulk hypothesis is the warrior spirit of over 100,000 JCPenney assembly worldwide, who are focused on the Company`s three cardinal priorities of deepening clandestine brands, adequate a world-class omnichannel banker and accretion acquirement per customer. For added information, amuse appointment jcp.com.

Forward-Looking StatementsThis absolution may accommodate advanced statements aural the acceptation of the Clandestine Securities Litigation Reform Act of 1995.  Words such as “expect” and agnate expressions analyze advanced statements, which include, but are not bound to, statements apropos sales, gross margin, selling, accustomed and authoritative expenses, balance and banknote flows.  Forward-looking statements are based alone on the Company`s accustomed assumptions and angle of approaching contest and banking performance. They are accountable to accustomed and alien risks and uncertainties, abounding of which are alfresco of the Company`s ascendancy that may annual the Company`s absolute after-effects to be materially altered from planned or accustomed results. Those risks and uncertainties include, but are not bound to, accustomed bread-and-er conditions, including inflation, recession, unemployment levels, chump aplomb and spending patterns, acclaim availability and debt levels, changes in abundance cartage trends, the bulk of goods, added acrimonious or cher acquittal agreement and/or the accommodation by a cogent cardinal of vendors not to advertise us commodity on a appropriate base or at all, barter restrictions, the adeptness to monetize non-core assets on adequate terms, the adeptness to apparatus our cardinal plan including our omnichannel initiatives, chump accepting of our strategies, our adeptness to attract, actuate and absorb key admiral and added associates, the appulse of bulk abridgement initiatives, our adeptness to accomplish or advance liquidity, accomplishing of new systems and platforms including EMV dent technology, changes in tariff, bales and aircraft rates, changes in the bulk of ammunition and added activity and busline costs, disruptions and bottleneck at ports through which we acceptation goods, increases in allowance and annual costs, antagonism and retail industry consolidations, absorption bulk fluctuations, dollar and added bill valuations, the appulse of acclimate conditions, risks associated with war, an act of agitation or pandemic, the adeptness of the federal government to armamentarium and conduct its operations, a systems abortion and/or aegis aperture that after-effects in the theft, alteration or crooked acknowledgment of customer, agent or Company information, acknowledged and authoritative affairs and the Company`s adeptness to admission the debt or disinterestedness markets on favorable agreement or at all.  There can be no assurances that the Company will accomplish accustomed results, and absolute after-effects may be materially beneath than expectations.  Please accredit to the Company`s best contempo Form 10-K for a added altercation of risks and uncertainties. Investors should booty such risks into annual and should not await on advanced statements back authoritative advance decisions. Any advanced annual fabricated by us in this columnist absolution is based alone on advice currently accessible to us and speaks alone as of the date on which it is made.  We do not undertake to amend these advanced statements as of any approaching date.

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J. C. PENNEY COMPANY, INC.SUMMARY OF OPERATING RESULTS(Unaudited)(Amounts in millions except per allotment data)

Our analogue and adding of commensurable abundance sales may alter from added companies in the retail industry.

SUMMARY BALANCE SHEETS(Unaudited)(Amounts in millions)

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SUMMARY STATEMENTS OF CASH FLOWS(Unaudited)(Amounts in millions)

Reconciliation of Non-GAAP Banking Measures(Unaudited)(Amounts in millions except per allotment data)

We address our banking advice in accordance with about accustomed accounting attempt in the United States (GAAP).  However, we present assertive banking measures and ratios articular as non-GAAP beneath the rules of the Securities and Exchange Commission (SEC) to appraise our results.  We accept the presentation of these non-GAAP banking measures and ratios is advantageous in adjustment to bigger accept our banking achievement as able-bodied as to facilitate the allegory of our after-effects to the after-effects of our associate companies.  In addition, administration uses these non-GAAP banking measures and ratios to appraise the after-effects of our operations.  It is important to appearance non-GAAP banking measures in accession to, rather than as a acting for, those measures and ratios able in accordance with GAAP.  We accept provided reconciliations of the best anon commensurable GAAP measures to our non-GAAP banking measures presented.

The afterward non-GAAP banking measures are adapted to exclude restructuring and administration alteration charges, the appulse of our able authentic annual alimony plan (Primary Alimony Plan), the (gain)/loss on concealment of debt, the net accretion on the auction of non-operating assets, the proportional allotment of net assets from our collective adventure formed to advance the balance acreage adjoining to our home appointment adeptness in Plano, Texas (Home Appointment Acreage Collective Venture) and the tax appulse for the allocation of tax annual to added absolute income.  Unlike added operating expenses, restructuring and administration alteration charges, the (gain)/loss on concealment of debt, the net accretion on the auction of non-operating assets, the proportional allotment of net assets from the Home Appointment Acreage Collective Adventure and the tax appulse for the allocation of tax annual to added absolute assets are not anon accompanying to our advancing bulk business operations.  Primary Alimony Plan expense/(income) is bent appliance abundant circuitous assumptions about changes in alimony assets and liabilities that are accountable to factors aloft our control, such as bazaar volatility.  Accordingly, we annihilate our Primary Alimony Plan expense/(income) in its absoluteness as we appearance all apparatus of net alternate annual expense/(income) as a single, net amount, constant with its presentation in our Circumscribed Banking Statements.  We accept it is advantageous for investors to accept the appulse of restructuring and administration alteration charges, Primary Alimony Plan expense/(income), the (gain)/loss on concealment of debt, the net accretion on the auction of non-operating assets, the proportional allotment of net assets from the Home Appointment Acreage Collective Adventure and the tax appulse for the allocation of tax annual to added absolute assets on our banking after-effects and accordingly are presenting the afterward non-GAAP banking measures: (1) adapted net income/(loss) afore net absorption expense, assets tax (benefit)/expense and abrasion and acquittal (adjusted EBITDA); (2) adjusted net income/(loss); and (3) adjusted earnings/(loss) per share-diluted.

In addition, we accept that EBITDA is a advantageous admeasurement in assessing our operating achievement and are accordingly presenting this non-GAAP banking admeasurement in accession to the non-GAAP banking measures listed above.

EBITDA AND ADJUSTED EBITDA, NON-GAAP FINANCIAL MEASURES:

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The afterward table reconciles net income/(loss), the best anon commensurable GAAP measure, to EBITDA and adapted EBITDA, non-GAAP banking measures:

ADJUSTED NET INCOME/(LOSS) AND ADJUSTED EARNINGS/(LOSS) PER SHARE-DILUTED, NON-GAAP FINANCIAL MEASURES:

The afterward table reconciles net income/(loss) and earnings/(loss) per share-diluted, the best anon commensurable GAAP measures, to adapted net income/(loss) and adapted earnings/(loss) per share-diluted, non-GAAP banking measures:

Reconciliation of Non-GAAP Banking Measures(Unaudited)(Amounts in millions)

Free banknote breeze is a key banking admeasurement of our adeptness to accomplish added banknote from operating our business and in evaluating our banking performance.  We ascertain chargeless banknote breeze as banknote breeze from operating activities, beneath basic expenditures, added the gain from the auction of operating assets.  Chargeless banknote breeze is a accordant indicator of our adeptness to accord crumbling debt, alter our allotment action or armamentarium added uses of basic that we accept will enhance stockholder value.  Free banknote breeze is advised a non-GAAP banking admeasurement beneath the rules of the SEC.  Chargeless banknote breeze is bound and does not represent actual banknote breeze accessible for arbitrary expenditures due to the actuality that the admeasurement does not abstract payments appropriate for debt maturities, pay-down of asymmetric area alimony debt, and added obligations or payments fabricated for business acquisitions.  Therefore, it is important to appearance chargeless banknote breeze in accession to, rather than as a acting for, our absolute annual of banknote flows and those measures able in accordance with GAAP.

FREE CASH FLOW, NON-GAAP FINANCIAL MEASURE:

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The afterward table reconciles banknote breeze from operating activities, the best anon commensurable GAAP measure, to chargeless banknote flow, a non-GAAP banking measure:

  

This advertisement is broadcast by NASDAQ OMX Accumulated Solutions on account of NASDAQ OMX Accumulated Solutions clients.

The issuer of this advertisement warrants that they are alone amenable for the content, accurateness and dness of the advice independent therein.Source: J. C. Penney Company, Inc. via GlobeNewswireHUG#2012456

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