JCPenney Q3 net sales down 8% YoY to $1.41B; net loss narrows to $17M

Copper Property CTL Pass Through Trust

Q3 net sales $1,410M vs $1,533M YoY (-8%); total revenues $1,503M vs $1,603M.
Q3 net loss improved to -$17M from -$30M YoY; nine-month net loss worsened to -$113M from -$11M.
Q3 EBITDA $50M; gross margin improved slightly to 38.7% from 38.5%.
Liquidity ~$1.4B; $250M ABL drawn at quarter-end fully repaid post-period.
Credit income rose to $93M (vs $70M) on Synchrony card partnership extension gain.

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