J.C. Penney (JCP) has reported last Wednesday that their overall sales significantly decreased during the year’s third quarter. This is mainly due to the current shopping momentum that also significantly dwindled down right after the recent back to school overall sales.
J.C. Penney (JCP) reported an overall loss of about 62 cents for every share, amounting to 188 million U.S. dollars, compared to last year’s quarter that recorded a loss amounting to 1.94 U.S. dollars for every share, which is equivalent to 489 million U.S. dollars, during the previous year’s quarter. Zacks latest Investment Research stated that the reported performance levels were able to beat previous estimates of analyst that forecasted a total loss amounting to 83 cents for every share.
Overall net sales declined to 2.76 billion U.S. dollars from the previous year’s 2.78 billion U.S. dollar third quarter. Overall sales at company stores that open for at least 1 year recorded flat performances.
J.C. Penney (JCP) overall stock increased by almost 8% last Wednesday, but overall post-market earnings levels that were reported shares dropped down to 6% during after trading hours. J.C. Penney (JCP) overall shares have decreased by a total of 15% that started early 2014.
Maglan Capital hedge fund’s president, David Tawil, stated that looking at the current report of J.C. Penney (JCP), especially if one views it in a somewhat survival perspective, one can say that the overall results can be considered ok. He added, though, that if one considers to look at it as a turnaround perspective, it is not that good.