- J.C. Penney (NYSE:JCP) reports same-store sales rose 4.4% in Q4.
- The company's gross margin rate was +540 bps Y/Y and -280 bps Q/Q to 33.8%.
- SG&A expenses increased 0.3% to $1.032B during the quarter.
- Merchandise inventory -9.6% to $2.652B.
- Categories of product strength included men's apparel and home/fine jewelry.
- Online sales +12.5% to $428M (JCP didn't break this out previously).
- Liquidity at the end of the quarter was $2.1B.
- Guidance: J.C. Penney expects 2015 comps to rise 3% to 5% and gross margin to increase 50 bps to 100 bps off the sales leverage.
- JCP -7.9% AH after gaining 13.3% over the last 5 trading sessions.