Executive Summary

• JCPenney 4Q18 revenues were $3.67 billion, down 9.5% year over year, below the consensus estimate of $3.72 billion. The company reported 4Q18 adjusted EPS of $0.18, down 64.7% from last year and above the consensus estimate of $0.11. 
• On a shifted basis, comparing sales for the weeks ending Feb 2, 2019, with the weeks ending Feb 3, 2018, comparable sales decreased 4%. On an unshifted basis, comparable sales decreased 6.0%, and for the full year, comparable sales decreased 3.1%. 
• The company plans to close 18 full-line stores and nine ancillary home and furniture stores in 2019. The company expects to be cash flow positive for fiscal year 2019.