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J.C. Penney shares crash after mixed earnings report

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Investing.com - JC Penney Company Inc Holding's (NYSE:JCP)shares were on track to close Friday's session down almost 20% following the company's release of mixed second quarter results.

The company posted a net loss of $62 million, or 20 cents per share, compared with a net loss of $56 million, or 18 cents per diluted share, in the year-ago period. The company's adjusted net loss was 9 cents per diluted share, larger than the 5 cents per share loss analysts were expecting

Revenue came in at $3 billion, up 2.7% versus the year-over-year quarter and $160 million higher that the consensus analyst forecast.

Comparable sales dropped 1.3% during the quarter, just above the 1.2% drop anticipated by analysts.

CEO Marvin Ellison was relatively upbeat given the results, stating that: "While broader retail remains challenged, we are encouraged by the improved performance in our total apparel business, including a significant acceleration in kids' apparel."

Looking ahead, J.C. Penney expects comparable sales for the full year to fall in a range of -1% to +1%, and EPS to range between $0.40 to $0.65. Analysts have full-year EPS pegged at $0.49.

JCP shares were down 17.5% Friday afternoon.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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