J. C. Penney beats by $0.02, misses on revs, comps +0.2%; lowers FY19 EPS guidance, reaffirms comps outlook
- Reports Q1 (Apr) loss of $0.22 per share, excluding non-recurring items, $0.02 better thanthe Capital IQ Consensus of ($0.24); revenues fell 4.3% year/year to $2.58 bln vs the $2.62 bln Capital IQ Consensus.
- Comparable sales increased 0.2% for the first quarter.
- "During the first quarter, we achieved a positive sales comp of 0.2 %, which was impacted in large part by a very late start to Spring where we experienced cooler than normal temperatures in April. Although our overall top line sales results came in below our expectations for the quarter, we were encouraged by the strong positive comp performance throughout February and March, as well as the last two weeks of April, when temperatures began to normalize."
- The Company has revised its 2018 full year guidance, which reflects only the impact of the adoption of new revenue recognition and pension accounting standards, as follows:
- Co lowers EPS guidancefor FY19, sees EPS of ($0.07)-$0.13 (Prior $0.05-0.25), excluding non-recurring items, vs. $0.17 Capital IQ Consensus Estimate; Reaffirms comparable store sales outlook for flat to +2%
- A reconciliation of non-GAAP forward-looking projections to GAAP financial measures is not available as the nature or amount of potential adjustments, which may be significant, cannot be determined at this time.