J.C. Penney (JCP) Misses Q3 EPS by 1c; Cuts FY16 Comps Growth Outlook
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J.C. Penney (NYSE: JCP) reported Q3 EPS of ($0.22), $0.01 worse than the analyst estimate of ($0.21). Revenue for the quarter came in at $2.86 billion versus the consensus estimate of $2.96 billion.
Comps fell 0.8 percent, versus a gain of 2.7 percent expected by the Street.
For the third quarter, gross margin was 37.2 % of sales, a 10 basis point decline compared to the same period last year.
The Company has updated its 2016 full year guidance as follows:
- Comparable store sales: expected to now increase 1% to 2%. (The Company previously saw a 3 - 4 percent increase.);
- Gross margin: expected to now be flat versus 2015;
- SG&A dollars: expected to decrease versus 2015;
- EBITDA1: expected to be $1 billion;
- Adjusted earnings per share: expected to be positive;
- Free cash flow1: expected to improve versus 2015.
For earnings history and earnings-related data on J.C. Penney (JCP) click here.
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