JC Penney Shares Tumble After Company Posts Quarterly Loss

J.C. Penney Co. Inc. shares slid more than 8% in after-hours trade Thursday, after the retailer posted an unexpected fourth-quarter loss. The company said it had a loss of $59 million in the quarter, or 19 cents a share, after a profit of $35 million, or 11 cents a share, in the year-earlier period, when it benefited from a $270 million non-cash credit. Sales came to $3.89 billion, up from $3.78 billion. The FactSet consensus was for earnings of 12 cents a share and sales of $3.89 billion. Same-store sales rose 4.4% in the quarter, compared with a FactSet consensus of 3.6%. The company said it expects same-store sales to grow 3% to 5% in 2015, compared with a current FactSet consensus of 3.8%. Shares have gained about 18% in the last three months, while the S&P 500 has gained 2.5%.