Penney Sees Same-Store Sales Up 3.5%-4.5% in 1Q

J.C. Penney Co. said Tuesday that it expects sales, excluding newly opened or closed stores, to rise 3.5% to 4.5% for its first quarter--news that the retailer reported following an inadvertent disclosure from a senior official.

Shares, up about 45% this year through Monday's close, fell 0.3% in premarket trading. In February, the retailer projected same-store sales between 3% and 5% in the current quarter.

The results take into account the shift of Easter into March this year, Penney said. For the quarter-to-date, the department-store operator has seen same-store sales rise 6%.

The retailer said it disclosed the updated outlook because a senior official inadvertently released nonpublic information to an analyst, and it needed to fulfill regulation obligations because of the disclosure.

Plano, Texas-based J.C. Penney in February posted a surprise loss for the holiday quarter as operating expenses ticked up, though it saw stronger-than-expected sales growth. In the holiday quarter, same-store sales rose 4.4%, topping its projection of a 2% to 4% increase.

Write to Angela Chen at [e-mail]

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