JCPenney Q3 net loss of $100M; net sales down 3.8% YoY; store portfolio shows mixed coverage

Copper Property CTL Pass Through Trust

2025-FY EPS reported $0.63

JCPenney Q3 net loss $100M vs $17M loss a year ago; total revenues $1.422B, down from $1.503B.
Operating loss of $79M vs operating income of $2M in prior-year quarter; gross margin held at 38.0%.
Net sales $1.356B, down 3.8% YoY; credit income fell to $66M from $93M due to one-time adjustment.
As of quarter end, $102M cash; company repaid all $480M long-term debt and $198M revolver post-quarter, leaving no debt.
Master lease portfolio (117 stores) Q3 four-wall EBITDAR $30.4M (0.9x rent cover); TTM EBITDAR $165.8M (1.3x rent cover).

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