PLANO (CBSDFW.COM/AP) — 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.READ MORE: 'Verdict Not Justice, It's Accountability': North Texas Leaders React To Derek Chauvin Guilty On All Counts
The loss was $78 million, or 25 cents per share. The loss, adjusted for one-time items, was 22 cents per share.
Marvin R. Ellison, chairman and chief executive officer said, “Overall, we believe that our strategies are beginning to take hold, as we are seeing improvement in a number of areas.”READ MORE: Derek Chauvin Guilty On All 3 Counts In George Floyd’s Death
The Plano-based department store posted revenue of $2.67 billion, beating projections of $2.6 billion, according to a survey by Zacks Investment Research.
J.C. Penney Co. expects full-year results to range from a loss of 7 cents per share to earnings of 13 cents per share.MORE NEWS: 'They Don't Pay Attention To It Like They Used To' Warns Amber Alert Co-Founder Dee Anderson On Public Reaction
(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)