J. C. Penney Company, Inc. (NYSE:JCP) announced net loss for the third quarter of $ 151 million or $ 0.48 per share. The company generated net sales of $ 2.65 billion for the same period. While earnings per share loss widen by 49 percent from the year-ago quarter, revenue fell 6 percent.
On an adjusted basis, J. C. Penney revealed adjusted net loss of 52 cents a share for the third quarter. This topped analysts estimate by $ 0.04 a share while net sales fell shy of street analysts expectation by $ 153 million.
Street analysts are looking for loss of $ 0.56 per share on net sales of $ 2.81 billion for the third quarter. Analysts estimates are from Thomson Reuters, excludes one time gain or loss.
Jill Soltau, CEO, commented, In spite of our overall sales results, I am encouraged by the recent underlying trends in key businesses such as womenâs 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.