J.C. Penney (JCP) Misses Q2 EPS by 4c, Comps Decline 1.3%

J.C. Penney (NYSE: JCP) reported Q2 EPS of ($0.09), $0.04 worse than the analyst estimate of ($0.05). Revenue for the quarter came in at $2.96 billion versus the consensus estimate of $2.84 billion.

Comparable sales declined (1.3) % for the second quarter, resulting in a positive two-year stack of 0.9 %.

Outlook

The Company has updated its cost of goods sold guidance and reaffirmed the remaining 2017 full year guidance. As a reminder, fiscal 2017 is a 53-week year which has been incorporated into the full year guidance, with the exception of comparable store sales which are calculated on a comparable 52-week basis. The following guidance also includes the impact of the Company's store closures. The fiscal 2017 full year guidance has been updated as follows:

• Comparable store sales: expected to be -1 % to +1 %;
• Cost of goods sold: now expected to be up 30 to 50 basis points versus 2016;
• SG&A dollars: expected to be down 1 to 2 % versus 2016;
• Adjusted earnings per share1: expected to be $0.40 to $0.65.

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

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