J. C. Penney (JCP) Tops Q2 EPS by 13c, Comparable sales decreased 9%, Offers Outlook

J. C. Penney (NYSE: JCP) reported Q2 EPS of ($0.18), $0.13 better than the analyst estimate of ($0.31). Revenue for the quarter came in at $2.51 billion versus the consensus estimate of $2.71 billion.

• Comparable sales decreased 9.0 % for the quarter. Excluding the impact of the Company’s exit from major appliance and in-store furniture categories, comparable sales decreased 6.0 % for the quarter

Outlook:

The Company is reaffirming its expectation of positive free cash flow1 for full year 2019. In addition, the Company has provided financial guidance for full year fiscal 2019 as follows:

• Comparable sales: expected to be in a range of (7.0) % to (8.0) %;
• Comparable sales, excluding 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
• Adjusted EBITDA1: expected to be in a range of $440 million to $475 million.

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

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