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JCPenney (JCP) 2Q17 Results: Mixed Quarter, Maintains Guidance

Executive Summary

  • JCPenney reported 2Q17 EPS of $(0.20), missing the $(0.04) consensus estimate and down from $(0.18) in the year-ago quarter. Revenues were $2.96 billion, up 1.5% year over year and beating the $2.84 billion consensus estimate.
  • Comps declined by 1.3% in the quarter. Strong products lines included home, fine jewelry, footwear and handbags, Sephora, and salon. Geographically, the Southwest and Southeast were the best-performing regions.
  • The company reaffirmed its 2017 EPS guidance of $0.40–$0.65 based on expected comps of (1)%–1%.

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