Plus   Neg

J. C. Penney Q3 Loss Narrows, Reaffirms FY19 Comp Sales Outlook - Quick Facts

J. C. Penney Co., Inc. (JCP) reported Friday a third-quarter net loss of $93 million, or $0.29 per share, narrower than a net loss of $151 million, or $0.48 per share in the prior-year quarter.

Excluding items, adjusted net loss for the quarter was $97 million, or $0.30 per share, compared to an adjusted net loss of $164 million, or $0.52 per share in the year-ago quarter.

Total net sales for the quarter decreased 10.1 percent to $2.38 billion from last year's $2.65 billion. Comparable sales decreased 9.3 percent and adjusted comparable store sales, which exclude the impact of the company's exit from major appliance and in-store furniture categories, decreased 6.6 percent for the quarter.

On average, analysts polled by Thomson Reuters expected the company to report a loss of $0.55 per share on sales of $2.51 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2019, the company continues to expect comparable store sales to decline in a range of 7.0 to 8.0 percent and adjusted comparable store sales to decline in a range of 5.0 to 6.0 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
CVS Health Corp. is hiring 15,000 employees across the U.S. in the fourth quarter to better equip them to tackle the anticipated rise in COVID-19 and flu incidences during the fall and winter months. This is in addition to the recruitment announced in March to fill 50,000 new full-time, part-time and temporary roles across the country in support of the company's response to the pandemic. Ireland's Data Protection Commissioner or DPC, the European Union's main data privacy regulator, is investigating Facebook over its handling of millions of children's personal data on Instagram, reports said. The agency has started two separate inquiries regarding information that email addresses and phone numbers of users under 18 were made public by the Facebook-owned app. ConocoPhillips (COP) and Concho Resources (CXO) announced Monday that they have entered into a definitive agreement to combine companies in an all-stock transaction valued at $9.7 billion. The transaction creates a company with an approximately $60 billion enterprise value and a combined resource...
Follow RTT