Penney Q3 Loss Narrower Than Estimates, Sales Misses

(RTTNews) - J.C. Penney Co Inc (JCP) Wednesday reported third-quarter net loss of $188 million or $0.62 per share compared with a loss of $489 million or $1.94 per share last year.

Excluding items, adjusted loss for the quarter was $0.77 per share compared with a loss of $1.81 per share a year ago.

Revenues for the quarter were $2.76 billion compared with $2.78 billion in the prior year.

Analysts polled by Thomson Reuters estimated a loss of $0.80 per share on revenues of $2.81 billion for the quarter. Analysts' estimates typically exclude special items.

Comparable store sales for the quarter were flat.

For the fourth quarter, the company expects comparable store sales to increase 2% to 4%.

For the full year, it expects comparable store sales to increase 3.5% to 4.5%, while earlier it forecast growth of in the mid-single digit.