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JC Penney (JCP) Fiscal 3Q18 Results: Company Misses Expectations and Withdraws Full Year Guidance

Executive Summary

  • JCPenney reported 3Q18 revenues of $2.65 billion, down 5.8% year over year and below the consensus estimate of $2.76 billion. Adjusted EPS was $0.52, up 48.6% from the year ago quarter, below the consensus estimate of $0.56 but above last year’s EPS of $0.35.
  • The company’s comparable sales were down 5.4% for the third quarter.
  • Management noted that given the recently announced CEO and interim CFO, the company will withdraw its previous 2018 full-year earnings guidance and update full-year comparable store sales guidance. FY18 comps are expected to be down low-single digits and the company continues to expect to achieve positive free cash flow for the year.

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