Shares of JC Penney (JCP) are off 49 cents, or 1.7%, at $27.68, after the company reported Q1 revenue and EPS exactly as expected, at $9.3 billion and 25 cents per share.
The company forecast this quarter’s profit below estimates, however, at 10 cents to 13 cents versus 13 cents expected, on sales that are forecast to be roughly in line at $4.02 to $4.03 billion, as operating expenses rise 4.5%.
A bit disappointing, given that JCP showed a marked improvement in April same-store sales when it reported on May 6, according to a Thomson-Reuters report at the time.
For the full year, the company forecast $1.64 per share in profit, up from $1.55, though that’s still below the $1.65 per share analysts have been forecasting.
Sales rose 1.2% on a 1.3% rise in same-store sales, the company said, as gross profit rose almost a percentage point and operating expenses fell as a percentage of revenue.
Q2 same-store sales are expected to rise 2.5% to 3%.
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