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JC Penney tanks after a big miss on sales

JC Penney on Friday reported a smaller-than-expected loss in the first quarter, but sales that missed analysts’ forecasts. Its shares fell by as much as 9% in volatile premarket trading. 

The retailer reported an adjusted loss per share of $0.06, smaller than the expectation for a loss of $0.21 according to Bloomberg. 

Net sales totaled $2.71 billion, missing the forecast for $2.77 billion. Comparable store sales, at locations open for at least one year, fell by 3.5% (-0.7% expected.)

CEO Marvin Ellison said in the earnings statement that the sales improvement from March to April was good enough to leave the outlook for the rest of the year unchanged. 

“The recent sales trends, combined with the improvement in women’s apparel and our growth initiatives led by Sephora inside JCPenney, jcp.com and major appliances, provide us with the confidence to maintain our sales guidance for the full year,” Ellison said. 

JC Penney’s results cap a busy and mostly ugly week of earnings from brick-and-mortar retailers, who are grappling with the ecommerce boom. On Thursday, Macy’s and Kohl’s reported lower sales than expected.

More than 3,200 retail stores are expected to close this year.

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Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.

✍ Sumber Pautan : ☕ Business InsiderBusiness Insider

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JC Penney on Friday reported a smaller-than-expected loss in the first quarter, but sales that missed analysts’ forecasts. Its shares fell by as much as 9% in volatile premarket trading. 

The retailer reported an adjusted loss per share of $0.06, smaller than the expectation for a loss of $0.21 according to Bloomberg. 

Net sales totaled $2.71 billion, missing the forecast for $2.77 billion. Comparable store sales, at locations open for at least one year, fell by 3.5% (-0.7% expected.)

CEO Marvin Ellison said in the earnings statement that the sales improvement from March to April was good enough to leave the outlook for the rest of the year unchanged. 

“The recent sales trends, combined with the improvement in women’s apparel and our growth initiatives led by Sephora inside JCPenney, jcp.com and major appliances, provide us with the confidence to maintain our sales guidance for the full year,” Ellison said. 

JC Penney’s results cap a busy and mostly ugly week of earnings from brick-and-mortar retailers, who are grappling with the ecommerce boom. On Thursday, Macy’s and Kohl’s reported lower sales than expected.

More than 3,200 retail stores are expected to close this year.

Google

More from Akin Oyedele:

• JC Penney tanks after a big miss on sales (JCP)
• New York landlords are running out

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of ways to keep rents sky-high

Comey’s firing is a ‘perfect example’ of what Wall Street fears most about Trump

Millennial investors are having a big payday as a popular tech stock soars (NVDA)

HEDGE FUND READING LIST: Hundreds of investors say these 10 finance books are must-reads

NOW WATCH: How our universe will end: ‘The black holes will eat up everything’

Please enable Javascript to watch this video

Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.

✍ Sumber Pautan : ☕ Business InsiderBusiness Insider

Kredit kepada pemilik laman asal dan sekira berminat untuk meneruskan bacaan sila klik link atau copy paste ke web server : http://ift.tt/2qa8etQ

(✿◠‿◠)✌ Mukah Pages : Pautan Viral Media Sensasi Tanpa Henti. Memuat-naik beraneka jenis artikel menarik setiap detik tanpa henti dari pelbagai sumber. Selamat membaca dan jangan lupa untuk 👍 Like & 💕 Share di media sosial anda!

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