JC Penney 3Q16 Earnings Call Notes

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J. C. Penney’s (JCP) CEO Marvin Ellison on Q3 2016 Results

Up in October

“We would say low single, mid-single digits for October. And because this is such a unique selling period, we are not going to get into inter-quarter results because as you know we have so many huge selling days in front of us. But what I will say is that when we think about 500 plus appliance showrooms net new, 61 net new Sephora locations, 350 net new center core environments, BOPUS in all stores, and I can go on and on and on, just timed for holiday, we feel great about our sales possibilities for the holiday season and the fourth quarter.”

Edward Record

Unseasonably warm weather

“Thank you, Marvin, and good morning everyone. As Marvin said earlier, the third quarter was clearly challenging from a top line perspective given the headwinds we faced primarily from the unseasonably warm weather in September and the in-store disruptions from our appliance rollout. While our apparel businesses were negatively impacted, we had strong performances in several non-weather dependent categories to help offset this softness.”