3 Things Investors Need to Know About J.C. Penney's Q2 Earnings [The Motley Fool]
JC PENNEY (JCP)
Last jc penney earnings: 2/27 07:30 am
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ir.jcpenney.com
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Source: The Motley Fool
The company released some disappointing news in its second-quarter earnings release. J.C. Penney 's ( NYSE:JCP ) second-quarter earnings report raised a lot of questions about whether the company can survive in the long-term. The retailer did see a 0.3% increase in comparable store sales, but it also saw its adjusted net loss jump to $120 million ($0.38 per share) from $23 million ($0.07 per share) in the year-ago period. The company also reported that its cost of goods sold rose to 66.3% of sales, up from 64.7% in Q2 2017. That's largely due to the company offering slow-moving seasonal inventory at lower prices due to lower than planned sales, according to the company's earnings release. Management, which is being led by an office of the CEO since former chief Marvin Ellison left the company, tried to explain its issues in the earnings release and on a call with investors. The leadership group -- consisting of Chief Financial Officer Jeff Davis, Chief Digital
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