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J.C. Penney lowers FY'18 adjusted EPS guidance

J.C. Penney Co. Inc. on May 17 lowered its adjusted EPS guidance for fiscal 2018 and is now expecting a loss of 7 cents per share to a gain of 13 cents per share compared to its previous EPS outlook range of a gain of 5 cents to 25 cents.

The Texas-based department store chain reported an adjusted net loss of $69 million in the first quarter ended May 5 against adjusted net income of $2 million in the year-ago period. However, the company outperformed the S&P Capital IQ consensus estimate of a net loss of $73.98 million.

The retailer posted an adjusted EPS loss of 22 cents in the quarter, below EPS of 1 cent in the three months ended April 29, 2017, but ahead of the mean consensus estimate for a normalized EPS loss of 24 cents, according to S&P Capital IQ.