J. C. Penney Company, Inc. (NYSE: JCP) reported earnings Thursday for the third quarter.
The Plano, Texas-based retailer said for the third quarter ended Nov. 3, 2018, total net sales decreased 5.8 % to $2.65 billion compared to $2.82 billion for the third quarter ended Oct. 28, 2017.
For the third quarter, the Company’s net loss was $151 million, or ($0.48) per share, compared to a net loss of $125 million, or ($0.40) per share in the same period last year.
Adjusted net loss was $164 million, or ($0.52) per share, for the third quarter this year compared to an adjusted net loss of $108 million, or ($0.35) per share, for the third quarter last year.
CEO Jill Soltau said, "In spite of our overall sales results, I am encouraged by the recent underlying trends in key businesses such as women’s apparel, active, special sizes and fine jewelry. We are making progress and taking the necessary steps to right-size our inventory positions to better support the brands and categories that are demonstrating profitable sales growth."
Given Penney has recently announced both a new CEO and an interim CFO and to allow the ability to effectively assess and address current and go-forward execution of the business, the Company believes it is appropriate to withdraw its previous 2018 full-year earnings guidance and update its previous full year comparable store sales guidance.
Comparable store sales for fiscal 2018 are now expected to be down low-single digits.
The Company continues to expect to achieve positive free cash flow for the year.
Shares in JC Penney came crashing to the ground in Thursday’s first hour, losing 17 cents, or 13.9%, to $1.05
