L Brands Reports First Quarter Earnings

Operating revenues were $854.2 million, including approximately $49.1 million from the 53rd week, compared to $867.0 million in the prior year quarter. Favorable changes in foreign currency exchange rates benefited revenues by $4.2 million. Same store operating revenues declined 8.8%, an improvement compared to a decline of 9.4% in the third quarter of 2017, due to our strategic subscriber pricing initiatives and the inclusion of a full quarter of ReachLocal revenue in our same store calculation. Total digital revenues increased to $272.3 million, or approximately 31.9% of total revenue. GAAP net losses were $13.6 million, including a $42.8 million tax expense from the Tax Cuts and Jobs Act of 2017 and $27.6 million of after-tax restructuring, asset impairment charges and other costs. Click Read More below for additional information.

J. C. Penney Company, Inc. announced that its comparable store sales for the combined nine-week period ending December 30, 2017 increased 3.4 % over the same period last year. The Company also reaffirmed all components of its most recent full-year financial guidance for fiscal 2017. "We are very encouraged with our overall comp sales performance during the holiday season, which was led by home, beauty and fine jewelry. Additionally, our apparel categories continue to demonstrate improved comp performance, particularly in women's and kids. We are also pleased by our e-commerce business that continues to outpace prior year results with double-digit sales growth, largely driven by sought-after gifting categories such as fine jewelry, home decor and luggage, toys, boots and athletic footwear. Our ability to execute e-commerce fulfillment from 100% of our brick and mortar stores helped fuel the growth in e-commerce for the holiday season. We remain confident that our strategic initiatives are taking hold and resonating with customers," said Marvin R. Ellison, chairman and chief executive officer of JCPenney. Click Read More below for additional information.

Q3 2020 Headlines: *While the COVID-19 pandemic continued to impact third quarter net sales and billings performance, HMH’s continued virtual learning support for customers and decisive cost and liquidity actions helped mitigate the impact of the COVID-19 pandemic on its profitability and cash flow, and resulted in strong cash generation in the seasonally important third quarter of 2020. *Net sales declined 32% to $387 million in the third quarter, and declined 28% to $828 million on a year-to-date basis *Billings1 declined 32% to $506 million in the third quarter, and declined 33% to $934 million on a year-to-date basis *HMH concluded the Texas Literature adoption with a 34% share of the opportunity *Significant growth in digital platform usage with a 388% increase in student assignments over the last twelve months as schools continue to adjust to remote learning environment *Continued acceleration of SaaS billings growth to 147% for the last twelve months *Net cash provided by operating activities of $264 million in the third quarter, and $75 million on a year-to-date basis *Strong free cash flow2 of $237 million in the third quarter, and nearing break-even at $(11) million on a year-to-date basis