JC Penney slides as sales miss again
Hopes of a recovery at JC Penney (NYSE:JCP) were back on hold as the struggling department store chain missed forecasts in its latest quarter.
In a week of disappointing retail updates, Penney still managed to stand out as like-for-like sales in the three months to March dropped by 3.5%.
Revenue overall dipped slightly to US$2.71bn (US$2.77bn), while costs of a heavy retrenchment meant a loss in the quarter of US$180mln or 58c.
Stripping out the one-offs, adjusted earnings were 6c per share and Penney reaffirmed its full-year guidance of 40c-65c and for like-for-like sales to come in between a 1% decline to a 1% rise.
“We continue to make encouraging progress in the company’s competitive and financial position despite our top-line performance during the quarter,” Marvin Ellison, chief executive, said in a statement.
Shares fell 7% to US$4.91.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/177732/jc-penney-slides-as-sales-miss-again-177732.html
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