JCPenney 2015 Annual Report Download - page 30
Download and view the complete annual report
Please find page 30 of the 2015 JCPenney annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20 -
21 -
22 -
23 -
24 -
25 -
26 -
27 -
28 -
29 -
30 -
31 -
32 -
33 -
34 -
35 -
36 -
37 -
38 -
39 -
40 -
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
 |
 |
Table of Contents
(1) (1)
Total net sales $ 12,625
$ 12,257
$ 11,859
Percent increase/(decrease) from prior year 3.0 %
3.4 %
(8.7)% (2)
Comparable store sales increase/(decrease)(3) 4.5 %
4.4 %
(7.4)%
Gross margin 4,551
4,261
3,492
Operating expenses/(income):
Selling, general and administrative 3,775
3,993
4,114
Pension 162
(48)
(41)
Depreciation and amortization 616
631
601
Real estate and other, net 3
(148)
(155)
Restructuring and management transition 84
87
215
Total operating expenses 4,640
4,515
4,734
Operating income/(loss) (89)
(254)
(1,242)
As a percent of sales (0.7)%
(2.1)%
(10.5)%
Loss on extinguishment of debt 10
34
114
Net interest expense 405
406
352
Income/(loss) before income taxes (504)
(694)
(1,708)
Income tax (benefit)/expense 9
23
(430)
Net income/(loss) $ (513)
$ (717)
$ (1,278)
$ 527
$ 377
$ (641)
$ 715
$ 280
$ (610)
$ (315)
$ (778)
$ (1,405)
Diluted EPS $ (1.68)
$ (2.35)
$ (5.13)
$ (1.03)
$ (2.55)
$ (5.64)
Weighted average shares used for diluted EPS 305.9
305.2
249.3
7.5%
Our year-to-year change in total net sales is comprised of (a) sales from new stores net of closings and relocations, referred to as non-comparable store sales (b)
sales of stores opened in both years as well as Internet sales, referred to as comparable store sales and (c) other revenue adjustments such as sales return
estimates and store liquidation sales. We consider comparable store sales to be a key indicator of our current performance measuring the growth in sales and
sales productivity of existing stores. Positive comparable store sales contribute to greater leveraging of operating costs, particularly payroll and occupancy
costs, while negative comparable store sales contribute to de-leveraging of costs. Comparable store sales also have a direct impact on our total net sales and
the level of cash flow.
30