J.C. Penney Co., Inc. (JCP) Posts Wide Q3 Loss of $0.93; Sales Light of Views

November 9, 2012 7:02 AM EST
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J.C. Penney Co., Inc. (NYSE: JCP) reported Q3 adjusted net loss of ($0.93), $0.86 worse than the analyst estimate of ($0.07). Revenue for the quarter came in at $2.93 billion versus the consensus estimate of $3.27 billion.

Comparable store sales for the third quarter declined 26.1 percent and total sales decreased 26.6 percent. Internet sales through jcp.com were $214 million in the third quarter, decreasing 37.3 percent from last year.

Gross margin was 32.5 percent of sales, compared to 37.4 percent in the same period last year.

Ron Johnson, chief executive officer of jcpenney said, "While the quarter overall was challenging, the performance of jcp's new brands and shops reinforces our conviction to transform jcpenney into a specialty department store. Today, jcp is really a tale of two companies. By far the largest part of our store is the old jcpenney, which continues to struggle and experience significant challenges as evidenced by our third quarter results. However, the new jcp, centered around the shop concept, is gaining traction with customers every day and is surpassing our own expectations in terms of sales productivity which continues to give us confidence in our long term business model."

For earnings history and earnings-related data on J.C. Penney Co., Inc. (JCP) click here.

Shares of JCP were down 11.5 percent immediately following the poor results.

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