JC Penney: shares fall after sales drop; guidance cut
(CercleFinance.com) - Shares of US department store chain J.
C. Penney collapsed over 22% in pre-market trading on Thursday, after it reported a sharp drop in quarterly sales and wider losses.
Total sales slid 7.5% to 2.76 billion dollars, while closely-watched sales at stores open at least one year remained fairly flat (+0.3%).
Penney reported a second-quarter net loss of 101 million dollars, or 32 cents per share, for the three months ended 4 August, compared with a net loss of 48 million dollars, or 15 cents per share, a year ago.
As a result, the retailer cut its earnings guidance for full-year 2018.
The company now expects comparable store sales to be approximately flat this year; while adjusted EPS will be -80 cents to -1 dollar per share.
Regarding its ongoing search for a CEO, the group said the process is "going well," with the board having met several potential candidates, it said.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
C. Penney collapsed over 22% in pre-market trading on Thursday, after it reported a sharp drop in quarterly sales and wider losses.
Total sales slid 7.5% to 2.76 billion dollars, while closely-watched sales at stores open at least one year remained fairly flat (+0.3%).
Penney reported a second-quarter net loss of 101 million dollars, or 32 cents per share, for the three months ended 4 August, compared with a net loss of 48 million dollars, or 15 cents per share, a year ago.
As a result, the retailer cut its earnings guidance for full-year 2018.
The company now expects comparable store sales to be approximately flat this year; while adjusted EPS will be -80 cents to -1 dollar per share.
Regarding its ongoing search for a CEO, the group said the process is "going well," with the board having met several potential candidates, it said.
Copyright (c) 2018 CercleFinance.com. All rights reserved.