J.C. Penney outlook spooks Wall Street
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.