JC Penney Reports Mixed Q3 Earnings

JC Penney Co JCP reported adjusted third-quarter losses of 30 cents per share on Friday, which beat the analyst consensus estimate by 45.45%. This is a 42.31% increase over losses of 52 cents per share from the same period last year.

The company reported quarterly sales of $2.5 billion, which missed the analyst consensus estimate of $2.51 billion by 0.40%. This is a 5.77% decrease over sales of $2.653 billion the same period last year.

"The past quarter was an exciting and energizing time at JC Penney as we made significant progress on our efforts to return JC Penney to sustainable, profitable growth," said Jill Soltau, CEO of JC Penney i. "We are beginning to see results – both in our numbers and how we operate as a business – from the early implementation of our Plan for Renewal, which is focused on driving traffic, offering compelling merchandise, providing an engaging experience, fueling growth, and building a results-minded culture.”

JC Penney shares were trading up 13.64% at $1.25 in Friday’s pre-market session. The stock has a 52-week high of $1.92 and a 52-week low of 53 cents.

Photo credit: Miosotis Jade, via Wikimedia Commons