J.C. Penney shares spike on encouraging outlook
The company reported a loss in the third quarter, but it says that sales trends will improve later this year.
The embattled retailer reported an adjusted loss of $1.81 per share in the third quarter, which may not compare with the consensus estimate for a $1.74 loss per share, as it includes a 73-cent loss per share on tax valuation allowance.
Revenue came in at $2.78 billion, below the consensus $2.80 billion estimate.
Despite a 4.8% drop in same-store sales in the third quarter, the company believes same-store sales trends will improve in the fourth quarter. In October, same-store sales were up 0.9%.
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[BRIEFING.COM] The stock market ended the Tuesday session on a lower note after generally upbeat earnings took the back seat to geopolitical concerns. The S&P 500 (-0.5%) and Nasdaq Composite (-0.1%) ended on their lows, while the Russell 2000 (+0.3%) displayed relative strength.
Once again, market participants were focused on quarterly reports in the early going, but geopolitical worries overshadowed the impact of mostly better than expected earnings. Specifically, equities ... More
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