As a result, it slashed its full-year guidance for gross margin, earnings per share, and free cash flow.
Not all of J. C. Penney's earnings picture was positive.
Penney CEO Marvin Ellison said the company is encouraged by the same-store sales increase and that new apparel initiatives are showing improved sales since the second quarter in almost all merchandise categories. In the end, the company's revenue trend was even better, as comp sales rose 1.7% in Q3. The Company's department stores and Website generally serve the same type of customers, its Website offers virtually the same mix of merchandise as its store assortment and other categories, and its department stores generally accept returns from sales made in stores and through its Website. Finally, Guggenheim started coverage on shares of J.C. Penney in a report on Friday, September 30th. The company had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.77 billion. But on Friday, the chain reported a 1.7% increase in same-same stores, resulting in a positive two-year stack of 0.9 %. Adjusted earnings came in at a net loss of 33 cents a share. Zacks Investment Research cut shares of J.C. Penney Company, Inc.
About J.C. Penney Company, Inc.
Alibaba Group Holding Ltd.is hosting its Singles Day 2017, or 11/11 Global Shopping Festival, on Saturday and the event is expected to generate sales of RMB155.0 billion to RMB162.0 billion (about $23.34 billion to $24.39 billion), according to SunTrust Robinson Humphrey. This may indicate that the company is taking a more conservative approach to forecasting, after missing expectations for two straight quarters. Our growth strategies and new apparel initiatives led to sequential comp sales improvement in almost all merchandise categories in the third quarter, giving us confidence that our overall strategy and transformation is beginning to take hold. While the company will face a somewhat easier year-over-year comparison, that would still represent a significant break from the recent trend. Holding has a 1-year low of $2.35 and a 1-year high of $10.74.
Syria To Sign Paris Climate Pact, Leaving Only US Opposed
However, in an announcement made in June, President Donald Trump said he planned to withdraw the US from the agreement. The Trump administration will not be able to formally extricate the US from the climate agreement until 2020.
J. C. Penney Company, Inc is a holding company. The stock has a market cap of $779.96, a price-to-earnings ratio of 5.93 and a beta of 0.53. The stock hit its 52-week high on 12/08/16, and 52-week low on 11/08/17. Clearly, investors are no longer confident in the company's trajectory and don't trust management. Net sales fell 1.7 percent to $2.81 billion in the fiscal third quarter, beating analysts' estimates of $2.77 billion. Holding by 4.8% during the first quarter.
Shares of J.C. Penney Company, Inc.
Thus, the fourth quarter could be critical for restoring investor trust.
When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. Holding from $5.50 to $6.50 and gave the stock a "hold" rating in a research report on Tuesday, August 8th.