The retailer said it improved sequentially during the month and boosted its gross margin rate by 230 bps to 33.1%.
On the cost side, things got really interesting for the company. SG&A expenses alone were down $69M.
J.C. Penney has a new "fully committed and underwritten" $2.35B secured ABL credit facility which buys it some more breathing room with the maturity now extended.
Q2 Guidance: Comp growth mid-single digits; gross margin improvement vs. LY; S&G expenses lower; depreciation and amortization of $155M.
JCP +19.9% AH.