J.C.Penney widens loss in Q3 2017.
M2 EQUITYBITES-November 13, 2017-J.C.Penney widens loss in Q3 2017
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Retailing company J. C. Penney Company Inc (NYSE: JCP) reported on Friday net loss of USD128m, or USD0.41 per share, for the third quarter of 2017, ended 28 October 2017.
This was a decline over a net loss of USD67m, or USD0.22 per share, in Q3 2016.
According to the company, this increase in loss was driven in large part by increased cost of goods sold, restructuring charges associated with the store closures and a charge related to settlement accounting on the company's pension plan.
Total net sales for the quarter decreased by 1.8% to USD2.81bn, as compared with USD2.86bn in Q3 2016. This was reportedly primarily due to the closure of 139 stores through the end of the third quarter. Comparable sales increased 1.7 % for the quarter, resulting in a positive two-year stack of 0.9 %.
Also, the company provided fiscal 2017 full year guidance and expects comparable store sales to be a negative 1.0 % to 0.0 % and adjusted EPS to be a positive USD0.02 to USD0.08.
J. C. Penney Company, a large apparel and home furnishings retailer, operates approximately 875 stores across the US and Puerto Rico, as well as an e-commerce site, jcp.com.
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|Publication:||M2 EquityBites (EQB)|
|Article Type:||Financial report|
|Date:||Nov 13, 2017|
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