J.C. Penney Shares Slide After Sales Miss

By Tonya Garcia Markets MarketWatch Pulse

J.C. Penney Co. Inc. shares fell 7.4% in Friday premarket trading after the retailer announced first-quarter sales that missed consensus. Net loss was $180 million, or 58 cents per share, versus a loss of $68 million, 22 cents per share, for the same period last year. Adjusted EPS was 6 cents, including the sale of assets totaling $117 million and $8 million. Sales totaled $2.7 billion, down from $2.8 billion last year. The FactSet consensus was for a loss of 21 cents per share and sales of $2.8 billion. Same-store sales were down 3.5% for the quarter, below the FactSet consensus for a 0.7% drop. Home, Sephora shops, jewelry and salon all had positive same-store sales. J.C. Penney reaffirmed its full-year 2017 guidance for adjusted EPS of 40 cents to 65 cents and same-store sales from a 1% decline to a 1% rise. The FactSet consensus is for EPS of 48 cents. J.C. Penney shares are down 36.3% for the year so far while the S&P 500 index is up 7% for the period.

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