JC Penney Falls Following Q1 Earnings Losses

JC Penney Company, Inc. JCP reported losses of 46 cents per share in its first-quarter earnings, which missed the analyst consensus estimate of 38 cents.

JC Penney reported quarterly sales of $2.44 billion, which missed the analyst consensus estimate of $2.56 billion by 4.69 percent. This is a 5.57 percent decrease over sales of $2.584 billion the same period last year.

The net loss for the quarter was $154 million. Comparable sales decreased 5.5 percent for the first quarter.

The exit of the major appliances and in-store furniture categories has had a negative impact of 20 basis points to comparable sales in the quarter. Inventory at the end of the quarter was $2.48 billion, down 16 percent compared to the end of the first quarter last year.

JC Penney shares are trading down 7.8 percent at $1.06 early Tuesday morning.

Photo credit: Miosotis Jade via Wikimedia Commons