J. C. Penney Company, Inc. reported first-quarter fiscal 2017 adjusted earnings per share of 6 cents, outperforming the Zacks Consensus Estimate of a loss of 22 cents. In the year-ago quarter, the company had reported loss of 32 cents.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2017 has been portraying a downtrend over the past 30 days. In the trailing four quarters (excluding the quarter under review), the company outperformed the Zacks Consensus Estimate by an average of 24%.
Revenues: J. C. Penney generated total net sales of $2,706 million that decreased 3.7% year over year, and also fell short of the Zacks Consensus Estimate of $2,762 million. Comparable sales declined 3.5% in the quarter.
Outlook: Management reiterated fiscal 2017 guidance. The company continues to expect comparable store sales to be in the range of down 1% to up 1% in fiscal 2017, whereas gross margin is expected to expand in the band of 20 to 40 basis points. The company expects adjusted earnings per share for fiscal 2017 to be in the range of 40 cents to 65 cents. The Zacks Consensus Estimate for fiscal 2017 is currently pegged at 47 cents.
Zacks Rank: Currently, J. C. Penney carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Stock Movement: J. C. Penney shares are down roughly 11% during pre-market trading hours following the earnings release.
The Best & Worst of Zacks
Today you are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 ""Strong Buys"" free of charge. From 1988 through 2015 this list has averaged a stellar gain of +25% per year. Plus, you may download 220 Zacks Rank #5 ""Strong Sells."" Even though this list holds many stocks that seem to be solid, it has historically performed 6X worse than the market. See these critical buys and sells free >>
Image: Bigstock
J. C. Penney's (JCP) Q1 Earnings Beat Estimates, Sales Lag
J. C. Penney Company, Inc. reported first-quarter fiscal 2017 adjusted earnings per share of 6 cents, outperforming the Zacks Consensus Estimate of a loss of 22 cents. In the year-ago quarter, the company had reported loss of 32 cents.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2017 has been portraying a downtrend over the past 30 days. In the trailing four quarters (excluding the quarter under review), the company outperformed the Zacks Consensus Estimate by an average of 24%.
J.C. Penney Company, Inc. Holding Company Price, Consensus and EPS Surprise
J.C. Penney Company, Inc. Holding Company Price, Consensus and EPS Surprise | J.C. Penney Company, Inc. Holding Company Quote
Revenues: J. C. Penney generated total net sales of $2,706 million that decreased 3.7% year over year, and also fell short of the Zacks Consensus Estimate of $2,762 million. Comparable sales declined 3.5% in the quarter.
Outlook: Management reiterated fiscal 2017 guidance. The company continues to expect comparable store sales to be in the range of down 1% to up 1% in fiscal 2017, whereas gross margin is expected to expand in the band of 20 to 40 basis points. The company expects adjusted earnings per share for fiscal 2017 to be in the range of 40 cents to 65 cents. The Zacks Consensus Estimate for fiscal 2017 is currently pegged at 47 cents.
Zacks Rank: Currently, J. C. Penney carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Stock Movement: J. C. Penney shares are down roughly 11% during pre-market trading hours following the earnings release.
The Best & Worst of Zacks
Today you are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 ""Strong Buys"" free of charge. From 1988 through 2015 this list has averaged a stellar gain of +25% per year. Plus, you may download 220 Zacks Rank #5 ""Strong Sells."" Even though this list holds many stocks that seem to be solid, it has historically performed 6X worse than the market. See these critical buys and sells free >>