UPDATE: J.C. Penney (JCP) Tops Q3 EPS by 10c, Comps Increase 1.7%, Offers Outlook

November 10, 2017 7:33 AM
(Updated - November 10, 2017 7:46 AM EST)

(Updated - November 10, 2017 7:35 AM EST. Update corrects consensus EPS and headline)

J.C. Penney (NYSE: JCP) reported Q3 EPS of ($0.33), $0.10 better than the analyst estimate of ($0.43). Revenue for the quarter came in at $2.81 billion versus the consensus estimate of $2.74 billion.

Comparable sales increased 1.7 % for the third quarter, resulting in a positive two-year stack of 0.9 %.

Outlook

The Company's fiscal 2017 full year guidance is as follows:

(Street sees FY EPS of $0.43)

Marvin R. Ellison, chairman and chief executive officer said, "During the third quarter, we took aggressive actions to clear slow-moving inventory, primarily allowing for an improved apparel assortment heading in to the Holiday season. While these actions had a negative short-term impact on profitability in the third quarter, we firmly believe it was the right decision for the Company as we transition into the fourth quarter and fiscal 2018."

Ellison continued, "We are encouraged that we delivered positive sales comps for the third quarter. Our growth strategies and new apparel initiatives led to sequential comp sales improvement in nearly all merchandise categories in the third quarter, giving us confidence that our overall strategy and transformation is beginning to take hold. While we have more work to do, we remain focused on two critical factors - to operate the business for growth and deliver positive earnings. We're committed to making the right strategic decisions to ensure we are providing our customers more reasons to shop and experience JCPenney."

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

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