JC Penney (NYSE:JCP) stock was falling hard on Thursday following the release of its earnings report for the second quarter of 2018.
During the second quarter of the year, JC Penney reported losses per share of 38 cents. This is a big drop from the company’s losses per share of 9 cents from the same time last year. It was also a blow to JCP stock by coming in well below Wall Street’s losses per share estimate of 6 cents for the quarter.
Net loss reported by JC Penney for the second quarter of 2018 was $101 million. This is down from the retail company’s net loss of $48 million from the second quarter of 2017.
JC Penney also reported an operating loss of $36 million for the second quarter of the year. The company reported operating income of $53 million for the same period of the year prior.
JC Penney’s earnings report for the second quarter of 2018 also includes revenue of $2.83 billion. This is a decrease from the company’s revenue of $3.07 billion that was reported in the second quarter of the previous year. It was also bad news for JCP stock by failing to beat analysts’ revenue estimate of $2.86 billion for the period.
JC Penney also took time during its most recent earnings report to update its outlook for the full year of 2018. JCP says that it is now expecting losses per share for the year to range from $1.00 to 80 cents. This is well below Wall Street’s 2018 earnings per share estimate of 4 cents.
JCP stock was down 23% as of Thursday morning and is down 31% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.