JCPenney: raises full-year outlook after cutting loss

(CercleFinance.com) - JCPenney said that it has made "significant progress" to return to profitable growth in the past quarter, prompting the department store operator to raise its full-year guidance.


For the third quarter ended 2 November, total net sales decreased 10.1% to 2.4 billion dollars, the US retailer said. Comparable store sales fell 9.3% over the quarter, it added.

Adjusted comparable store sales, which exclude the impact of the company's exit from major appliance and in-store furniture categories, were down 6.6%.

Over the quarter, the company's net loss fell to 93 million dollars, or 29 cents per share, from 151 million dollars, or 48 cents per share, last year.

JCPenney raised its forecast, now expecting full-year adjusted EBITDA to exceed 475 million dollars.

The market was thrilled, with the share up over 20% in pre-market trading on Friday.

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