JCPenney (NYSE: JCP) 1Q19 Results: Revenues Down, Missing Consensus, Management Reducing and Enhancing Inventory Position

Executive Summary

• JCPenney reported fiscal 1Q19 revenues of $2.44 billion, lower than the consensus estimate of $2.48 billion, and down 5.6% year over year. The company reported 1Q19 EPS of $(0.46), lower than the consensus estimate of $(0.39).
• Comparable sales decreased 5.5% for the quarter compared to the consensus estimate of (4.2)%.
• The company expects to be cash flow positive for fiscal year 2019.