Exhibit 99.1
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J. C. Penney Company, Inc. Reports Fourth Quarter and Full Year 2019 Financial Results

Delivers Fourth Quarter Net Income of $0.08 Per Share
Inventory Reduced 11.1% From Prior Year
Meets Full Year Financial Guidance


PLANO, Texas - (Feb. 27, 2020)
- J. C. Penney Company, Inc. (NYSE: JCP) today announced financial results for its fiscal quarter and full year period ended Feb. 1, 2020:

Fourth Quarter:
Comparable store sales decreased 7.0%
Adjusted comparable store sales decreased 4.7%
Cost of goods sold, as a rate of net sales, improved approximately 200 basis points over prior year
Net income of $0.08 per share; Adjusted net income of $0.13 per share

Full Year:
Comparable store sales decreased 7.7%
Adjusted comparable store sales decreased 5.6%
Cost of goods sold, as a rate of net sales, improved approximately 210 basis points over prior year
Adjusted EBITDA of $583 million, 2.6% growth over prior year
Free Cash Flow of $145 million
Inventory declined 11.1% to $2.17 billion
Strong liquidity position of approximately $1.8 billion at year-end

“In Fiscal 2019, we met or exceeded all five financial guidance metrics for the year, and we delivered our third consecutive quarter of meaningful gross-margin improvement in the fourth quarter,” said Jill Soltau, chief executive officer of JCPenney. “I am encouraged by our progress, especially in our women’s apparel businesses. We knew it would take time to restore discipline and return growth to JCPenney. As we move into Fiscal 2020, we remain focused on the key tenets of retail as we continue rebuilding the Company and implementing our Plan for Renewal.”

Fourth Quarter 2019 Results

The following financial results reflect the 13 weeks ended Feb. 1, 2020 for fiscal 2019 and Feb. 2, 2019 for fiscal 2018.

Total net sales for the 2019 fourth quarter decreased 7.7% to $3.38 billion compared to $3.67 billion for the fourth quarter last year. Comparable store sales decreased 7.0% for the quarter. Adjusted comparable store sales, which exclude the impact of the Company’s exit from major appliance and in-store furniture categories, decreased 4.7% for the quarter. Credit income was $109 million for the fourth quarter this year compared to $121 million in the fourth quarter last year.

Cost of goods sold, which excludes depreciation and amortization, was $2.26 billion, or 66.7% of net sales, in the fourth quarter this year compared to $2.52 billion, or 68.7% of net sales, in the same period last year. The 200-basis point improvement as a rate of net sales was primarily driven by improved enterprise clearance



The following information was filed by J C Penney Co Inc (JCP) on Thursday, February 27, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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