J.C. Penney Company Inc. (NYSE: JCP) has had a tough time over the past few years, posting weak revenues and little to no earnings. The retail department store is set to report quarterly results on Thursday. Can this report have the desired effect investors are looking for?
Analysts are expecting J.C. Penney to post a big loss of $0.93 per share and a 4% revenue growth to $2.79 billion, according to Thomson Reuters. In the same quarter last year, the company lost $2.20 per share and revenues were $2.66 billion.
Third quarter estimates are $0.82 loss per share and $2.88 billion in revenue. For the full year, analysts estimate Penney will post $2.77 loss per share on revenues of $12.4 billion.
In its first quarter earnings, the company reported a 6.2% increase in same-store sales, exceeding its guidance. The company forecast a gain in same-store sales for the coming earnings report as well. After that report, J.C. Penney’s stock price gapped up by $1.50, or nearly 18%, rising to $9.86 at the time.
J.C Penney has reported a loss for the past 10 consecutive quarters. It has also lost money on an after-tax basis for three years in a row, as well as significant drops in revenue. This year is expected to be the start of the recovery in revenues.
J.C. Penney shares were recently trading at $9.34 with a 52-week range $4.90 to $14.65. The consensus target price from analysts is $9.39.
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