J.C. Penney (JCP) Tops Q3 EPS by 4c, Comps Fall 5.4%, Withdraws Previous Full Year Earnings Guidance

(Updated - November 15, 2018 7:33 AM EST)

J.C. Penney (NYSE: JCP) reported Q3 EPS of ($0.52), $0.04 better than the analyst estimate of ($0.56). Revenue for the quarter came in at $2.65 billion versus the consensus estimate of $2.81 billion.

• Comparable sales decreased 5.4 % for the third quarter

Guidance Update

Given the Company has recently announced both a new CEO and an interim CFO and to allow the ability to effectively assess and address current and go-forward execution of the business, the Company believes it is appropriate to withdraw its previous 2018 full year earnings guidance and update its previous full year comparable store sales guidance. Comparable store sales for fiscal 2018 are now expected to be down low-single digits. The Company continues to expect to achieve positive free cash flow for the year.

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

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