J.C. Penney Joins a Growing List of Retailers Reporting Weak First Quarter Results
Before Friday's market open, J.C. Penney reported a first-quarter net loss of 38 cents a share
J.C. Penney (JCP) - Get Report has unsurprisingly joined a growing list of retailers reporting weak first quarters.
Before Friday's market open, J.C. Penney reported a first-quarter net loss of 38 cents a share, compared to the loss of 21 cents a share analysts surveyed at Factset expected. The retailer posted revenue of $2.7 billion, generally in line with Wall Street's estimates for $2.78 billion. Same-store sales declined 3.5% in the quarter.
Meanwhile J.C. Penney affirmed its outlook for 2017, expecting earnings of 40 cents to 65 cents a share and comparable store sales to either fall or gain 1%.
READ MORE: J.C. Penney's Stock Is Getting Thrashed - What You Need to Know
This article was written by a staff member of TheStreet.
