J. C. Penney Revises 2018 Guidance; Q1 Comps. Up 0.2% - Quick Facts

(RTTNews) - J. C. Penney Company, Inc. (JCP) announced, for 2018, the company now expects: comparable store sales change to be between flat and an increase of 2.0%; and adjusted per share results to be between a loss of $0.07 and profit of $0.13. The company noted that its revised guidance reflects only the impact of the adoption of new revenue recognition and pension accounting standards.

The company reported a first-quarter adjusted net loss of $69 million, or $0.22 per share, compared to adjusted net income of $2 million, or $0.01 per share, last year.

For the first quarter ended May 5, 2018, total net sales decreased 4.3% to $2.58 billion compared to $2.70 billion for the first quarter ended Apr. 29, 2017. The company said the decline in total net sales was primarily the result of the 141 stores that closed in the second and third quarters of fiscal 2017. Comparable sales increased 0.2% for the first quarter.