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J. C. Penney (JCP) Q3 Loss Narrows, Comps Gain, Stock Up

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J. C. Penney Company, Inc. (JCP - Free Report) reported third-quarter fiscal 2017 adjusted loss per share of 33 cents that fared better than the prior year quarter loss of 21 cents.

In the trailing four quarters (excluding the quarter under review), the company’s bottom line had outperformed the Zacks Consensus Estimate by an average of 21.7%.

Revenues: J. C. Penney generated total net sales of $2,807 million that decreased 1.8% year over year. Comparable sales rose 1.7% in the quarter, compared with the decline of 0.8% recorded in the prior year quarter.

Outlook: For fiscal 2017, the comps is projected to be in the range of down 1% to flat. Cost of goods sold is now forecasted to increase by 100-120 bps year over year. The company expects adjusted earnings per share to be in the range of 2-8 cents. The Zacks Consensus Estimate for fiscal 2017 is currently pegged at 6 cents.   

J.C. Penney Company, Inc. Holding Company Price, Consensus and EPS Surprise

Zacks Rank: Currently, J. C. Penney carries a Zacks Rank #4 (Sell) which is subject to change following the earnings announcement. You can see the complete list of today’s Zacks #1 Rank stocks here.

Stock Movement: J. C. Penney shares are up roughly 13% during pre-market trading hours following the earnings release. 

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