JC Penney on Friday reported a smaller-than-expected loss in the first quarter, but sales that missed analysts' forecasts. Its shares fell by as much as 9% in early trading.
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JC Penney tanks after a big miss on sales (JCP)
JC Penney left its outlook for the rest of the year unchanged.
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The retailer reported an adjusted loss of $0.06 per share, smaller than the expectation for a loss of $0.21 according to Bloomberg.
Net sales totaled $2.71 billion, missing the forecast for $2.77 billion. Comparable store sales, at locations open for at least one year, fell by 3.5% (-0.7% expected.)
CEO Marvin Ellison said in the earnings statement that the sales improvement from March to April was good enough to leave the outlook for the rest of the year unchanged.
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