Analysts are expecting J.C. Penney to post a big loss of $0.93 per share and a 4% revenue growth to $2.79 billion, according to Thomson Reuters. In the same quarter last year, the company lost $2.20 per share and revenues were $2.66 billion.
Third quarter estimates are $0.82 loss per share and $2.88 billion in revenue. For the full year, analysts estimate Penney will post $2.77 loss per share on revenues of $12.4 billion.
In its first quarter earnings, the company reported a 6.2% increase in same-store sales, exceeding its guidance. The company forecast a gain in same-store sales for the coming earnings report as well. After that report, J.C. Penney’s stock price gapped up by $1.50, or nearly 18%, rising to $9.86 at the time.
J.C Penney has reported a loss for the past 10 consecutive quarters. It has also lost money on an after-tax basis for three years in a row, as well as significant drops in revenue. This year is expected to be the start of the recovery in revenues.
J.C. Penney shares were recently trading at $9.34 with a 52-week range $4.90 to $14.65. The consensus target price from analysts is $9.39.
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