J.C. Pen­ney out­look spooks Wall Street

The Guardian (Charlottetown) - - BUSINESS -

NEW YORK — J.C. Pen­ney cut its out­look for the year as it trims costs to help off­set de­clin­ing rev­enue.

The com­pany’s first-quar­ter loss is along the lines of what an­a­lysts had ex­pected, and rev­enue topped ex­pec­ta­tions. But its out­look for the year is short of most pro­jec­tions. Shares slid 11 per cent early Thurs­day.

The quar­terly loss nar­rowed to $78 mil­lion, or 25 cents per share. Ad­justed for one-time items, the loss was 22 cents per share.

The Plano, Texas, depart­ment store’s rev­enue fell 4.1 per cent to $2.67 bil­lion, beat­ing pro­jec­tions of $2.6 bil­lion, ac­cord­ing to a sur­vey by Zacks In­vest­ment Re­search.

The com­pany is try­ing to cut costs and make the chain bet­ter able to reach shop­pers jump­ing back and forth be­tween on­line and phys­i­cal lo­ca­tions.

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