JCPenney: cuts full-year outlook after sales miss

(CercleFinance.com) - US department store chain J.
C. Penney lowered its full-year outlook on Thursday, with first-quarter sales coming in below its expectations.

For the first quarter to 5 May, total net sales decreased 4.3% to 2.58 billion dollars compared with 2.70 billion dollars for the first quarter of 2017, the group said.

Comparable-store sales growth reached just 0.2%, largely hit by a "very late start to Spring" marked by cooler than average temperatures in April, it added.

For the first quarter, the company's net loss was 78 million dollars, or 25 cents per share, compared to a net loss of 187 million dollars, or 0.60 dollar per share in Q1 2017.

J. C. Penney has cut its outlook, now expecting adjusted EPS of between a -7 cents and +13 cents.

The shares were down over 12% in pre-market trading today.

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