J. C. Penney Earnings: Here’s Why Shares are Down Now
J. C. Penney Company, Inc. (NYSE:JCP) had a loss and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 7.37%.
J. C. Penney Company, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-1.95 in the quarter versus EPS of $0.74 in the year-earlier quarter.
Revenue: Decreased 28.41% to $3.88 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: J. C. Penney Company, Inc. reported adjusted EPS loss of $1.95 per share. By that measure, the company missed the mean analyst estimate of $-0.18. It missed the average revenue estimate of $4.08 billion.
Quoting Management: Ron Johnson, chief executive officer of jcpenney said, “Sales and customer traffic were below our expectations in 2012, but as we execute our ambitious transformation plan, we are pleased with the great strides we made to improve jcpenney`s cost structure, technology platforms and the overall customer experience. We have accomplished so much in the last twelve months. We believe the bold actions taken in 2012 will materially improve the Company`s long-term growth and profitability.”
Key Stats (on next page)…