J.C. Penney reiterates 2018 FCF view $200M-$300M
Says will focus more on apparel going forward. Says gross margin is a major focus for the company. Says confident continued execution of pricing analytics, enhanced ecommerce channel and continued sales improvement across higher-margin categories like apparel can help improve gross margin going forward. Says completed sale of Milwaukee, Wis. distribution center in Q1. Says only has $50M of debt maturing in October 2019 and $110M maturing in June 2020. Says remains confident in funding near-term maturities with free cash flow. Says teams remain committed to effectively managing inventory levels without limiting customer availabity. Expects Q2 comp sales in the middle of annual guidance range. Expects SG&A dollars to be down versus last years. Says remains focused on strategic framework of omnichannel, private brands and revenue of customers. Says focused on enhancing apparel and beauty. Says plans to rebrand and remodel 100 InStyle salons in 2018. Says looks forward to expanding health and wellness with Fitbit partnership. Says continuing commitment to becoming "world-class" omnichannel retailer. Says continues to position company to take market share from ailing competitors. Says identified over 300 malls in which the company will aggressively pursue Home sales opportunities. Says sees opportunities to capture market share in baby gifts, footwear and toy category. Comments taken from Q1 earnings conference call.