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J.C. Penney lowers full-year profit guidance

May 17, 2018 7:43 AM ETOLD COPPER CO INC. (CPPRQ) StockCPPRQBy: Clark Schultz, SA News Editor78 Comments
  • J.C. Penney (NYSE:JCP) reports comparable sales increased 0.2% in Q1 to trail the consensus estimate for a 2.1% rise. The top performing categories during the quarter were jewelry, Sephora, Men's and Salon.
  • The company generated adjusted EBITDA of $151M to beat the consensus mark of $142M.
  • CEO update: "Overall, we believe that our strategies are beginning to take hold, as we are seeing improvement in a number of areas. Apparel categories performed well during seasonable weather periods, and our beauty and home refresh initiatives performed well above our total comp sales performance for the quarter. The strength in sales performance early in the quarter, our investments in enhancing our apparel categories, continued strength in our beauty and home refresh initiatives and a focus on taking market share from ailing retailers all give us confidence in our annual comp sales guidance of flat to up 2%."
  • J.C. Penney sees full-year EPS of -$0.07 to $0.13 vs. prior guidance of $0.05 to $0.25 and $0.17 consensus.
  • Shares of JCP are up 0.98% in premarket trading to $3.10 vs. a 52-week trading range of $2.35 to $5.63.

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OLD COPPER CO INC.