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 Wednesday session on a mixed note. The tech-heavy Nasdaq displayed relative strength, climbing 0.4%, while the S&P 500 added 0.2% with five sectors settling in the green. For its part, the Dow Jones Industrial Average (-0.2%) spent the entire session below its flat line.
Equities started the midweek affair on a rather unassuming note in the absence of market-moving news or economic releases. With those pieces missing from the equation, ... More
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