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4-Traders Homepage  >  Equities  >  Nyse  >  J C Penney Company Inc    JCP

J C PENNEY COMPANY INC (JCP)
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JCPenny Posts Loss More Than Expected; Shares Drop

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08/11/2017 | 03:28pm CEST
By Justina Vasquez 

J.C. Penney Co. shares plummeted as the retailer's latest earnings report failed to ease investors' concerns any more than did than Thursday's results from its peers.

The department-store operator's shares were down 23% in premarket trading Friday, after it reported a steeper loss than analysts had expected for the three months ended July 29.

Sales at stores open at least a year fell 1.3%, better than the 3.5% decline in the previous quarter, a pattern similar to that reported by Macy's Inc. and Kohl's Corp. on Thursday. Foot traffic has steadily slowed at brick-and-mortar stores as shoppers increasingly turn to Amazon.com Inc. and e-commerce to spend their dollars.

J.C. Penney Chairman and Chief Executive Marvin Ellison said that although "broader retail remains challenged," improved performance in apparel sales, especially of children's clothing, left it optimistic.

Earnings were dragged down by the 127 store closings and inventory liquidation during the quarter. The company posted a net loss of $62 million, or 20 cents per share, compared with $56 million, or 18 cents per share, a year earlier. On an adjusted basis, the loss amounted to $28 million, or 9 cents per share, compared with $16 million, or 5 cents per share, a year earlier.

Analysts had expected an adjusted loss of 5 cents per share.

Revenue edged up in the quarter to $2.96 billion, from $2.92 billion a year earlier. Analysts had expected revenue of $2.84 billion.

Mr. Ellison said strong early back-to-school sales in August boded well for the second half of the year, keeping the company on track to meet expectations. J.C. Penney reaffirmed its full-year guidance, including earnings per share of $0.40 to $0.65, and comparable store sales of negative 1% to positive 1%.

J.C. Penney said its top-performing divisions in the quarter were home, fine jewelry, footwear and handbags, Sephora and salon. Last month, the company announced it would add a toys division, aiming to cater to children by the start of the holiday season.

Shares were down 23% premarket to $3.65, down 49% from a year ago.

Write to Justina Vasquez at [email protected]

Stocks mentioned in the article
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KOHL'S CORPORATION 0.40% 70.93 Delayed Quote.30.28%
MACY'S 0.22% 37.07 Delayed Quote.47.16%
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Financials ($)
Sales 2019 12 326 M
EBIT 2019 326 M
Net income 2019 3,50 M
Debt 2019 3 560 M
Yield 2019 -
P/E ratio 2019 40,71
P/E ratio 2020 14,24
EV / Sales 2019 0,35x
EV / Sales 2020 0,33x
Capitalization 748 M
Chart J C PENNEY COMPANY INC
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J C Penney Company Inc Technical Analysis Chart | JCP | US7081601061 | 4-Traders
Technical analysis trends J C PENNEY COMPANY INC
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TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 17
Average target price 3,32 $
Spread / Average Target 38%
EPS Revisions
Managers
NameTitle
Ronald W. Tysoe Chairman
Jeffrey Allan Davis Chief Financial Officer & Executive Vice President
Therace Risch Executive VP, Chief Information & Digital Officer
Robert Gerald Turner Independent Director
Leonard H. Roberts Independent Director
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