JC Penney (JCP) Tops Q3 EPS by 26c, Comps Decline 9.3%, Offers Guidance
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JC Penney (NYSE: JCP) reported Q3 EPS of ($0.30), $0.26 better than the analyst estimate of ($0.56). Revenue for the quarter came in at $2.38 billion versus the consensus estimate of $2.51 billion.
- Comparable store sales decreased 9.3 %; Adjusted comparable store sales decreased 6.6 %
Outlook:
The Company is updating its expectation of Adjusted EBITDA1 to now exceed $475 million for full year fiscal 2019. In addition, the Company has also reaffirmed its prior financial guidance for full year fiscal 2019 as follows:
- Comparable store sales: expected to be in a range of (7.0) % to (8.0) %;
- Adjusted comparable store sales, which excludes the impact of the Company’s exit from major appliances and in-store furniture categories1: expected to be in a range of (5.0) % to (6.0) %;
- Cost of goods sold, as a rate of net sales: expected to decrease 150 to 200 basis points compared to last year; and
- Free Cash Flow1: expected to be positive
For earnings history and earnings-related data on JC Penney (JCP) click here.
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