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4-Traders Homepage  >  Equities  >  Nyse  >  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]

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Financials ($)
Sales 2018 12 364 M
EBIT 2018 431 M
Net income 2018 -41,8 M
Debt 2018 3 457 M
Yield 2018 -
P/E ratio 2018 -
P/E ratio 2019 8,28
EV / Sales 2018 0,37x
EV / Sales 2019 0,35x
Capitalization 1 084 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
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 22
Average target price 5,71 $
Spread / Average Target 64%
EPS Revisions
Managers
NameTitle
Marvin R. Ellison Chairman, President & Chief Executive Officer
Jeffrey Allan Davis Chief Financial Officer & Executive Vice President
Therace Risch Chief Information Officer & Executive VP
Robert Gerald Turner Independent Director
Leonard H. Roberts Independent Director
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