(John Roark/Athens ... more Photo: John Roark, AP Losses at JC Penney double, sales slide, as do facebook/" target="_blank">shares 1 / 1 Back to GalleryPLANO, Texas (AP) — Losses at J.C Penney doubled in the first quarter and sales at established stores fell again, capping a terrible week for retailers. Access a Zacks stock report on JCP at https://www.zacks.com/ap/JCP_____Keywords: J.C. Penney, Earnings Report, Priority Earnings Losses at JC Penney double, sales slide, as do sharesPhoto: John Roark, AP Image 1 of / 1 Caption Close Image 1 of 1 FILE - In this Friday, March 17, 2017, file photo, shoppers exit a J.C. Penney store in the Georgia Square Mall in Athens, Ga. J.C. Penney Company Inc. reports earnings, Friday, May 12, 2017. J.C. Penney is also trying to modernize, equipping its workers with mobile devices to help online shoppers pick up orders in the store. The direction for sales at J.C. Penney was clear, however, particularly at stores open at least a year, which fell for the third consecutive quarter.
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JC Penney on Friday reported a smaller-than-expected loss in the first quarter, but sales that missed analysts' forecasts. CEO Marvin Ellison said in the earnings statement that the sales improvement from March to April was good enough to leave the outlook for the rest of the year unchanged. The retailer reported an adjusted loss of $0.06 per share, smaller than the expectation for a loss of $0.21 according to Bloomberg. Net sales totaled $2.71 billion, missing the forecast for $2.77 billion. Comparable store sales, at locations open for at least one year, fell by 3.5% (-0.7% expected.)
J.C. Penney facebook/" target="_blank">shares are down 36.3% for the year so far while the S&P 500 index SPX, -0.19% is up 7% for the period. J.C. Penney Co. Inc. JCP, -10.21% shares fell 7.4% in Friday premarket trading after the retailer announced first-quarter sales that missed consensus. J.C. Penney reaffirmed its full-year 2017 guidance for adjusted EPS of 40 cents to 65 cents and same-store sales from a 1% decline to a 1% rise. Same-store sales were down 3.5% for the quarter, below the FactSet consensus for a 0.7% drop. Home, Sephora shops, jewelry and salon all had positive same-store sales.
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JC Penney tanks after a big miss on sales
JC Penney on Friday reported a smaller-than-expected loss in the first quarter, but sales that missed analysts' forecasts. CEO Marvin Ellison said in the earnings statement that the sales improvement from March to April was good enough to leave the outlook for the rest of the year unchanged. The retailer reported an adjusted loss of $0.06 per share, smaller than the expectation for a loss of $0.21 according to Bloomberg. Net sales totaled $2.71 billion, missing the forecast for $2.77 billion. Comparable store sales, at locations open for at least one year, fell by 3.5% (-0.7% expected.)
J.C. Penney shares slide after sales miss
J.C. Penney facebook/" target="_blank">shares are down 36.3% for the year so far while the S&P 500 index SPX, -0.19% is up 7% for the period. J.C. Penney Co. Inc. JCP, -10.21% shares fell 7.4% in Friday premarket trading after the retailer announced first-quarter sales that missed consensus. J.C. Penney reaffirmed its full-year 2017 guidance for adjusted EPS of 40 cents to 65 cents and same-store sales from a 1% decline to a 1% rise. Same-store sales were down 3.5% for the quarter, below the FactSet consensus for a 0.7% drop. Home, Sephora shops, jewelry and salon all had positive same-store sales.
read more visit us profit
collected by :Jack Luxor
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