JCP announces plans to drive operational effectiveness
17 May '11
4 min read
Overall, SG&A expenses were well under plan in the quarter and decreased $11 million, or 0.9 percent, versus last year due to the Company's ongoing efforts to manage expenses and optimize operations, while continuing to invest in the opening of additional Sephora inside jcpenney beauty boutiques and the launching of new businesses under its Growth Brands Division.
As a percent of sales, SG&A expenses decreased 40 basis points to 32.5 percent. The non-cash qualified pension plan expense was $22 million compared to $55 million in the same period last year. Total operating expenses were 36.4 percent of sales for the quarter. Operating income increased to $161 million or 4.1 percent of sales.
The Company is comfortable with the level and content of its inventory, as it is in-line with sales plans. Customer facing inventory is up approximately 3%, with the remaining portion of the increase located throughout the Company's supply chain.
marketing@alchempro.com
