JCPenney: scraps 2018 guidance as sales drop
(CercleFinance.com) - J.
C. Penney has scrapped its previous 2018 full-year earnings guidance, after the US retailer recently announced both a new CEO and an interim CFO.
For the third quarter ended 3 November, total net sales decreased 5.8% to 2.65 billion dollars, with comparable sales down 5.4%.
The group said third-quarter net loss widened to 151 million dollars, or 48 cents a share, from a net loss of 125 million dollars, or 40 cents a share, in the same period last year.
In its statement, the company said it believes that it is appropriate to withdraw its previous 2018 full-year earnings guidance.
J. C. Penney updated its previous full-year comparable store sales guidance, saying comparable store sales for fiscal year 2018 are now expected to be down in low-single digits.
"Our objective to put JCPenney back on a path to profitable growth is clear," new chief executive officer Jill Soltau said.
The shares were tumbling over 12% in pre-market trading after this report.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
C. Penney has scrapped its previous 2018 full-year earnings guidance, after the US retailer recently announced both a new CEO and an interim CFO.
For the third quarter ended 3 November, total net sales decreased 5.8% to 2.65 billion dollars, with comparable sales down 5.4%.
The group said third-quarter net loss widened to 151 million dollars, or 48 cents a share, from a net loss of 125 million dollars, or 40 cents a share, in the same period last year.
In its statement, the company said it believes that it is appropriate to withdraw its previous 2018 full-year earnings guidance.
J. C. Penney updated its previous full-year comparable store sales guidance, saying comparable store sales for fiscal year 2018 are now expected to be down in low-single digits.
"Our objective to put JCPenney back on a path to profitable growth is clear," new chief executive officer Jill Soltau said.
The shares were tumbling over 12% in pre-market trading after this report.
Copyright (c) 2018 CercleFinance.com. All rights reserved.