J. C. Penney Q1 Loss Widens, Results Miss Estimates - Quick Facts

(RTTNews) - J. C. Penney Co., Inc. (JCP) reported Monday a first-quarter net loss of $154 million, or $0.48 per share, wider than a net loss of $78 million, or $0.25 per share in the prior-year quarter.

Excluding items, adjusted net loss for the quarter was $147 million, or $0.46 per share, compared to an adjusted net loss of $69 million, or $0.22 per share in the year-ago quarter.

Total net sales for the quarter decreased 5.6 percent to $2.44 billion from last year's $2.58 billion. Comparable sales decreased 5.5 percent for the quarter. The exit of the major appliances and in-store furniture categories had a combined negative impact of 20 basis points to comparable sales in the quarter.

On average, analysts polled by Thomson Reuters expected the company to report a loss of $0.38 per share on sales of $2.56 billion for the quarter. Analysts' estimates typically exclude special items.

The company said as its inventory rationalization effort continues, it is testing a number of strategies around optimal inventory levels and assortment choice counts with a goal of delivering an improved experience for its customers and maximizing its return on investment.

The Company adopted the provisions of the new Lease Accounting Standard starting in the first quarter of fiscal 2019.