J.C. PENNEY SHARES CRASH AFTER MIXED EARNINGS REPORT
JC Penney Company Inc Holding’s (NYSE:JCP)shares were on track to close Friday’s session down almost 20% following the company’s release of mixed second quarter results.
The company posted a net loss of $62 million, or 20 cents per share, compared with a net loss of $56 million, or 18 cents per diluted share, in the year-ago period. The company’s adjusted net loss was 9 cents per diluted share, larger than the 5 cents per share loss analysts were expecting
Revenue came in at $3 billion, up 2.7% versus the year-over-year quarter and $160 million higher that the consensus analyst forecast.
Comparable sales dropped 1.3% during the quarter, just above the 1.2% drop anticipated by analysts.
CEO Marvin Ellison was relatively upbeat given the results, stating that: “While broader retail remains challenged, we are encouraged by the improved performance in our total apparel business, including a significant acceleration in kids’ apparel.”
Looking ahead, J.C. Penney expects comparable sales for the full year to fall in a range of -1% to +1%, and EPS to range between $0.40 to $0.65. Analysts have full-year EPS pegged at $0.49.
JCP shares were down 17.5% Friday afternoon.
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