J.C. Penney +13% after narrowing quarterly loss [Seeking Alpha]
JC PENNEY (JCP)
Last jc penney earnings: 2/27 07:30 am
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US:NYSE Investor Relations:
ir.jcpenney.com
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Source: Seeking Alpha
J.C. Penney +13% after narrowing quarterly loss J.C. Penney (NYSE: JCP Q3 Cost of goods sold improved to 64.6% of sales from 68.1% a year ago. The company says the 350-basis point improvement was primarily driven by an increase in both store and online selling margins, improved shrink as a percent of net sales and the exit from the major appliance and in-store furniture categories earlier this year. JCP's net loss for the quarter narrowed to $97M from $164M a year ago. The department store operator ended the quarter with an inventory position down 9.0% from a year ago. Looking ahead, J.C. Penney anticipates comparable store sales to fall in a range of -7.0% to -8.0% for the full year. Shares of JCP are up 12.73% Previously: J.C. Penney EPS beats by $0.24, beats on revenue
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