JCPenney Q1 net sales $1.25B, operating loss $62M; store EBITDAR $27.8M

Copper Property CTL Pass Through Trust

Net sales $1,249M, down 4.6% YoY from $1,309M; net loss $65M vs $69M prior year.
Operating loss widened to $62M from $52M; gross margin pressured by tariffs, mix, and promotions.
Master lease store portfolio: 117 properties, 15.5M sq ft; Q1 EBITDAR $27.8M, rent coverage 0.9x.
No long-term debt outstanding vs $468M a year ago; $0.3B available under $1.75B revolver.
Company expects significant IEEPA tariff refunds in FY2026, none yet recorded.

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