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JCP Raises Q2 EPS
Like most other retailers, J.C. Penney Company (JCP - Analyst Report) announced same-store sales for July that not only declined, but did so at a steeper rate than analysts expected. However, this department store staple is staying above the fray on Thursday after boosting its second-quarter earnings guidance.
Shares are up approximately 7%.
JCP now expects earnings per share for the quarter between 50 cents and 52 cents, compared to its previous guidance of 38 cents – which is also where the analysts were before the report. The company attributed the new outlook to better-than-expected sales of promotionally-priced merchandise and continued expense management measures.
Second-quarter numbers will be released on Aug 15.
Earnings estimates for this year are down from two months ago, but only by 2 cents. JCP is a Zacks #3 Rank company.
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| Market Summary | Nov 21, 2009 18:56 pm ET |
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