[Correction: This article was updated on Feb. 27 to correct the total revenue figure.]
JCPenney (NYSE:JCP) earnings for the retail company’s fourth quarter of 2019 have JCP stock falling on Thursday. This is despite its adjusted earnings per share (EPS) of 13 cents beating out Wall Street’s estimate of adjusted loss per share of of -6 cents. Also, its revenue of $3.49 billion was above estimates of $3.44 billion.
Here’s what else is worth noting from the most recent JCPenney earnings report.
- Adjusted EPS is down 27.78% from 18 cents in the fourth quarter of 2018.
- Revenue for the quarter comes in 7.9% lower than the $3.67 billion from the same time last year.
- Operating income of $102 million is a 19.69% decline year-over-year from $127 million.
- Net income coming in at $27 million is a 64% drop from $75 million during the same period of the year prior.
- The JC Penney earnings report also notes that the company plans to close down six stores in fiscal 2020.
Jill Soltau, CEO of JCPenney, said this about the JCP stock earnings:
“We knew it would take time to restore discipline and return growth to JCPenney. As we move into Fiscal 2020, we remain focused on the key tenets of retail as we continue rebuilding the Company and implementing our Plan for Renewal.”
The JCPenney earnings report also contains its 2020 outlook, and it isn’t doing JCP stock any favors. That’s due to it expecting comparable store sales for the year to drop between 3.5% to 4.5%.
JCP stock was down 5.97% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.