March 2, 2018 / 12:38 PM / 3 months ago

BRIEF-Jcpenney Reports Q4 Adjusted Earnings Per Share $0.57

March 2 (Reuters) - J C Penney Company Inc:

* JCPENNEY FOURTH QUARTER AND FISCAL 2017 EARNINGS EXCEEDED EXPECTATIONS

* ‍OUTSTANDING DEBT REDUCED BY OVER $600 MILLION IN 2017​

* INVENTORY AT YEAR-END WAS $2.76 BILLION, A DECREASE OF 3.2 % COMPARED TO LAST YEAR-END

* ‍2018 FULL YEAR COMPARABLE STORE SALES EXPECTED TO BE 0.0 % TO 2.0 %​

* ‍IN 2018, WILL “INTENSIFY” EFFORTS IN APPLIANCES, MATTRESSES AND FURNITURE​

* ‍2018 FULL YEAR ADJUSTED EARNINGS PER SHARE EXPECTED TO BE $0.05 TO $0.25​

* ‍IN 2018, CO WILL CONTINUE “TO TAKE STEPS TO MODERNIZE OUR APPAREL ASSORTMENT AND OMNI-CHANNEL​”

* J C PENNEY - ‍JEWELRY, HOME, SEPHORA, FOOTWEAR AND HANDBAGS AND SALON WERE COMPANY’S TOP PERFORMING DIVISIONS DURING QUARTER

* J C PENNEY - STARTING Q1 2018, CO WILL ADOPT NEW ACCOUNTING STANDARDS, WHICH RELATE TO REVENUE RECOGNITION AND PENSION ACCOUNTING

* EXPECTS IMPACT FROM ACCOUNTING CHANGES WILL NOT HAVE A MATERIAL IMPACT ON 2018 FULL YEAR EARNINGS RESULTS Source text for Eikon: Further company coverage: (Reuters.Brief@thomsonreuters.com)

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