J.C. Penney Reports Wider Loss; Stock Up Slightly
Struggling retailer J.C. Penney (NYSE: JCP) released its fiscal first-quarter earnings results after the closing bell on Thursday.
The company missed both Wall Street earnings and revenue estimates, but the stock was slightly higher in the after hours after initially trading down.
J.C. Penney reported a net loss of $348 million or $1.58 per share, compared to a loss of $163 million or $0.75 per share, in last year's corresponding quarter.
On an adjusted basis, the net loss for the quarter was $289 million or $1.31 per share, versus a loss of $55 million or $0.25 per share, last year. This was well below analysts' consensus estimates calling for a loss of $0.86.
Net sales in the quarter were down 16.4 percent to $2.64 billion from $3.15 billion last year. This also missed street consensus revenue estimates of $2.70 billion.
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