NEW YORK (TheStreet) -- Shares of J.C. Penney Co (JCP) are stumbling, down 4.05% to $8.52 in late morning trading Wednesday, ahead of the company's first quarter earnings release after the market closes today.
J.C. Penney is expected to post a loss of 76 cents per share, compared to a loss of $1.16 per share it reported a year ago, according to analysts surveyed by Thomson Reuters.
Revenue is expected by analysts to come in at $2.86 billion, compared with sales of $2.8 billion from the same quarter of last year, according to Thomson Reuters.
Head of retail at ITG Investment Research John Tomlinson said in a note that J.C. Penney's sales appears to have risen solidly in the first quarter.
However, "the combination of tough weather in the beginning of the quarter, the negative impact of the Easter shift, and the recent rise in gas prices likely held back further top-line gains," he added.
The firm expects first quarter same store sales growth in a range of between 3.8% to 4.8%, higher compared to the consensus estimate of a 3.5% rise year over year.
Plano, Texas-based J.C. Penney is a holding company with its business consisting of selling merchandise and services to consumers through its department stores and its Internet site.
The company sells family apparel and footwear, accessories, fine and fashion jewelry, beauty products through Sephora inside J.C. Penney, and home furnishings.
Shares of J.C. Penney are no longer listed in the S&P 500 index.
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