J.C. Penney (JCP) Tops Q1 EPS by 27c, Comps Decline 3.5%; Reaffirms FY Guidance

J.C. Penney (NYSE: JCP) reported Q1 EPS of $0.06, $0.27 better than the analyst estimate of ($0.21). Revenue for the quarter came in at $2.71 billion versus the consensus estimate of $2.77 billion.

Comparable store sales were (3.5) % for the quarter.

Outlook

The Company reaffirmed its 2017 full year guidance. As a reminder, fiscal 2017 is a 53-week year which has been incorporated into the full year guidance, with the exception of comparable store sales which are calculated on comparable 52-week basis. The following guidance also includes the expected impact of the Company's previously announced store closures. The fiscal 2017 full year guidance is reaffirmed as follows:

• Comparable store sales: expected to be -1% to +1%;
• Gross margin: expected to be up 20 to 40 basis points versus 2016;
• SG&A dollars: expected to be down 1 to 2% versus 2016;
• Adjusted earnings per share1: expected to be $0.40 to $0.65.

1 A reconciliation of non-GAAP forward-looking projections to GAAP financial measures is not available as the nature or amount of potential adjustments, which may be significant, cannot be determined at this time.

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

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