J. C. Penney Company, Inc. (NYSE:JCP) has just revised its sales and earnings guidance for the first quarter. Of course it is to the downside. The guidance reflects incremental weakness in the consumer spending environment and sales through Easter have run well below expectations.
JCPenney now sees a low-double digit comparable store sales decline for March and sees a high-single digit decline for the first quarter. It now sees earnings at approximately $0.50 per share. This is well below its prior guidance for both March and first quarter sales to decline low-single digits and first quarter earnings to be in the range of $0.75 to $0.80 per share.
Shares closed at $40.52 yesterday, and they are now indicating down slightly under $36.00 in reaction. The 52-week trading range is $33.27 to $84.70.
This news is also taking down stock indications on competitors as Dillards’ Inc. (NYSE: DDS) is seeing shares indicated down 2% to 3% and Macy’s Inc. (NYSE: M) shares are indicated down about 5% in pre-market hours this Friday. Mid-level retail spending doesn’t look like it is coming out of the dark yet.
Jon C. Ogg
March 28, 2008
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.