J.C. Penney: Getting Used To 'One-Offs' [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: Getting Used To 'One-Offs'SummaryJ.C. Penney gapped down on Thursday opening and closed 11 percent lower. The bleeding continued the next day, with the shares dropping another 2 percent.What appeared to really disappoint the market was the paltry rise of comparable sales at just 0.2 percent, against the consensus estimate for a 2.1% gain.The comp sales would only have been a positive 1.5 percent for the first quarter even without the impact of weather.The bright spots in the quarter were the progress in deleveraging and refinancing of its debt. The reiteration of the comp sales guidance is also positive.Nevertheless, given the tendency of the company to negatively surprise the market with unfavorable "one-time" events, investors should be prepared for a wild ride.
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