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 headlines generally favored Tuesday being another good day for the stock market. Instead, it was just a mixed day with modest point changes on either side of the unchanged mark for the major indices.
For the most part, the stock market was a sideshow. The main trading events were seen in the commodity and Treasury markets, both of which saw some decent-sized losses within their respective complex.
Dollar strength was at the heart of the weakness in ... More
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