JC Penney’s strong 4Q profit doesn’t impress

JC Penney's strong 4Q profit doesn't impress

JC Penney's strong 4Q profit doesn't impress
FILE- In this Nov. 23, 2017 file photo, a Thanksgiving shopper checks the bargains at the J.C. Penney store at the Glendale Galleria in Glendale, Calif. J.C. Penney Co. reports financial results on Friday, March 2, 2018. (AP Photo/Richard Vogel, File)

PLANO, Texas /March 2, 2018 (AP)(STL.News) — Surprisingly strong earnings during J.C. Penney Co. are being overshadowed by revenue and comparable-store sales that came in a little light during the critical holiday season.

Shares fell about 10 percent before the opening bell Friday.

The retailer posted fourth-quarter earnings of $254 million, or 81 cents per share. Per-share earnings, adjusted for one-time gains and costs, were 57 cents, which is 12 cents better than Wall Street had expected, according to Zacks Investment Research.

Revenue from the Plano, Texas, company was $4.03 billion, in line with expectations.

J.C. Penney Co. expects full-year earnings in the range of 5 to 25 cents per share.


By Associated Press – published on STL.News by St. Louis Media, LLC  (A.S)