UPDATE: J.C. Penney shares soar after revenue, same-store-sales beat
J.C. Penney Co. Inc. (JCP) shares soared 7.3% in Friday premarket trading after the department-store retailer reported third-quarter revenue and same-store sales that beat estimates. The company had a net loss of $128.0 million, or 41 cents per share, compared with a loss of $67.0 million, or 22 cents, for the same period last year. The adjusted loss was 33 cents, ahead of the 42-cent loss FactSet forecast. J.C. Penney attributed the loss to increased cost of goods sold, restructuring charges from store closures, and a charge associated with the company's pension plan. Revenue was $2.81 billion, down from $2.86 billion last year but ahead of the $2.78 billion FactSet consensus. The company attributed the revenue decrease to 139 store closures. Same-store sales increased 1.7%, ahead of the 0.6% increase FactSet forecast. The company expects fiscal 2017 adjusted EPS of 2 cents to 8 cents and same-store sales to range from a 1% decline and flat. J.C. Penney shares are down 41.6% for the last three months and down 68.8% for the past year. The S&P 500 index is up 19.3% for the last 12 months.
-Tonya Garcia; 415-439-6400; AskNewswires@dowjones.com
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11-10-17 0837ETCopyright (c) 2017 Dow Jones & Company, Inc.