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: Nonprofit To Offer Texas Offensive Linemen $50,000 Annually
The loss was $78 million, or 25 cents per share. The loss, adjusted for one-time items, was 22 cents per share.READ MORE: Texas Man Gene Garcia Solis Charged With Threatening To Kill Ex-Wife
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.MORE NEWS: 3 Charged In Deadly 5-Vehicle DWI Crash In Dallas
(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)