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Earnings Report-JCPenney

Earnings Report-JCPenney

JC Penney withdraws profit guidance, cuts sales outlook


- November 15, 2018

PLANO, Texas - Shares of J.C. Penney are plunging after the company withdrew profit guidance and lowered its sales expectations for the year.

The company on Thursday reported a loss of $151 million in its third quarter, or 48 cents per shares. Losses, adjusted for one-time gains and costs, were 52 cents per share, which is a nickel better than analysts had expected, according to a survey by Zacks Investment Research.

Revenue of $2.73 billion fell short of Wall Street expectations of $2.81 billion.

Shares of J.C. Penney Co. tumbled 10 percent before the opening bell, to $1.10.



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