JCPenney (NYSE:JCP) earnings for the retail chain’s third quarter of 2019 have JCP stock taking off on Friday. This is thanks to the company’s adjusted per-share loss of -30 cents. That’s well above Wall Street’s -55 cents per share estimate. Revenue of $2.50 billion is also just shy of analysts’ $2.51 billion estimates.
Here are some quick highlights from the most recent JCPenney earnings report.
- Adjusted losses per share are 42.30% better than the -52 cents reported during the same time last year.
- Revenue is down 8.50% YoY compared to $2.73 billion.
- An operating loss of -$34 million is 66.00% better than the -$100 million in the third quarter of 2018.
- The JCPenney earnings report also includes a net loss of -$93 million.
- This is a 38.40% improvement over its net loss of -$151 million in the same period of the year prior.
Jill Soltau, Chief Executive Officer of JCPenney, has this to say about the JCP stock earnings.
“The past quarter was an exciting and energizing time at JCPenney as we made significant progress on our efforts to return JCPenney to sustainable, profitable growth. We are beginning to see results – both in our numbers and how we operate as a business – from the early implementation of our Plan for Renewal.”
The JCPenney earnings report also includes an update to the company’s guidance for 2019. This has it expecting Adjusted EBITDA for the year to come in above $475 million.
JCP stock was up 7.27% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.