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.
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.”
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.
(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)