J.C. Penney Co. Inc. (NYSE: JCP) hurdled a very low bar for December same-store sales, but that was all the good news the company could muster. The consensus estimate for Penney’s was a decline of -0.1%, and the store managed to post an increase of 0.3%. Last year the company posted a same-store sales increase of 3.7%.
Here’s what the company had to say about its fourth-quarter outlook:
Due to the softer sales performance during the first two months of the quarter, the Company now anticipates that comparable store sales for the fourth quarter will be down slightly to last year. Earnings before one-time items identified below, are now expected to be in the range of $0.65 to $0.70 per share on a non-GAAP basis, reflecting lower sales and higher markdown activity than anticipated throughout the quarter.
The consensus non-GAAP EPS estimate had been $1.08. Penney’s shares are down nearly -6% in the pre-market, at $33.00 in a 52-week range of $23.44-$41.00.
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