PLANO, Texas | JC Penney outlook spooks Wall Street
PLANO, Texas — J.C. Penney is reporting a first-quarter loss along the lines of what analysts had expected, but also strong revenue.
The company’s outlook for the year is short of most projections, however. Shares slid 5 percent early Thursday.
The loss was $78 million, or 25 cents per share. The loss, adjusted for one-time items, was 22 cents per share.
The Plano, Texas, department store posted revenue of $2.67 billion, beating projections of $2.6 billion, according to a survey by Zacks Investment Research.