J.C. Penney to close 5 Kansas stores

TOPEKA, Kan. (KSNT) – Five J.C. Penney stores in Kansas will be shut down, the retailer announced.

The stores in Chanute, Great Bend, Hutchinson, Lawrence and Winfield will be closing. The J.C. Penney at Topeka’s West Ridge Mall is not on the list.

The stores are among 138 that will shut down over the next several months. To see the full list of J.C. Penney stores closing CLICK HERE

The company said that it would also initiate a voluntary early retirement program for about 6,000 eligible employees.

The news came last month as Penney posted a profit for the fourth quarter, compared to a loss a year ago.

Like other department stores, J.C. Penney is trying to adjust to changing shopping patterns. But it is also still recovering from a catastrophic reinvention plan under a former CEO that sent sales and profits free-falling starting in 2012. Since then, it has focused efforts on its home area, started selling major appliances again and expanded its number of in-store Sephora beauty shops.

For the fiscal fourth quarter, J.C. Penney reported net income of $192 million, or 61 cents per share. Earnings excluding one-time gains and costs was 64 cents per share. Analysts expected 61 cents per share, according to FactSet.

Revenue totaled $3.96 billion in the period, down 0.9 percent from a year ago. Sales at stores open at least a year, a key gauge of a retailer’s health, slipped 0.7 percent. This figure excludes results from stores recently opened or closed.

Penney expects full-year adjusted earnings of 40 cents to 65 cents per share. Analysts expected 54 cents per share, according to FactSet. The company forecast revenue at stores open at least a year to be down 1 percent to up 1 percent this year.


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The Associated Press contributed to this story 

 

 

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