Written by StockNews.com
JC Penney Company Inc. (NYSE: JCP) early Friday posted mixed first quarter earnings results, as comparable sales continued to fall, and kept its outlook for the year unchanged.
The Plano, TX-based retailer reported Q1:
- earnings per share (EPS) of $0.06, which was likely not comparable to the net loss of ($0.23) that analysts had expected. Excluding one-time gains, JCP’s net loss would have been ($0.58).
- Comparable store sales (comps) fell 3.5%...below Wall Street estimates. Comps are considered a key indicator of a retailer’s health since they only take into account year-over-year performance of stores open at least 12 months.
Home, Sephora, Fine Jewelry, and Salon segments saw the most strength in Q1, while the Southwest and Southeast regions performed best.
Looking ahead, JCP:
- reiterated its full-year EPS outlook of $0.40 to $0.65, which is in-line with Wall Street’s consensus view of $0.49 per share for the year...[and
- expects comps to be down 1% to up 1%.
The company commented via press release:
“While February was a very challenging month for JC Penney and broader retail, we are pleased with our comp store sales for the combined March and April period, which improved significantly versus February.”
JC Penney Company Inc. shares fell $0.45 (-8.51%) to $4.84 in premarket trading Friday. Year-to-date, JCP had already declined -36.34% prior to today’s report, versus a 7.56% rise in the benchmark S&P 500 index during the same period.
JCP currently has a StockNews.com POWR Rating of D (Sell) and is ranked #45 of 69 stocks in the Fashion & Luxury category.
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