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Share Name | Share Symbol | Market | Type |
---|---|---|---|
J C Penney Company Inc | NYSE:JCP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.1819 | 0 | 01:00:00 |
J.C. Penney Co. reported better-than-expected sales growth, citing strength in all of its merchandise divisions, and lifted profit estimates for the year.
Still, shares of Penney fell 5.6% to $8.30 in premarket trading as other mall-based retailers have warned about weak spending by consumers heading into the holiday season.
Penney didn't offer specific commentary about the current quarter but did raise its earnings outlook for the year. The company said it now expects adjusted earnings before interest, taxes, depreciation and amortization of $645 million, up from its August estimate of $620 million.
On Thursday, Nordstrom Inc. cut its profit and sales forecasts, saying it didn't expect consumer trends to improve in the fourth quarter. Macy's Inc., meanwhile, warned Wednesday that it would have to make heavy markdowns to clear unsold goods after sales fell short in its most recent period.
As for the third quarter, Penney said all of its merchandise divisions reported sales growth at established stores from a year ago. Among the company's top-performing divisions were men's, home, footwear, handbags and the cosmetics chain Sephora, Penney said.
Overall, Penney's loss narrowed to $137 million, or 45 cents a share, from $188 million, or 62 cents a share, a year earlier. Analysts polled by Thomson Reuters had expected a loss of 55 cents a share.
Sales rose 4.8% to $2.9 billion, better than analysts' forecast of $2.88 billion. Sales at existing stores rose 6.4%, which the company had reported Wednesday.
Gross margin widened to 37.3% from 36.6% a year earlier, helped by improvements in clearance and promotions.
Write to Anne Steele at Anne.Steele@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 13, 2015 08:35 ET (13:35 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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