J C Penney Company Inc (NYSE:JCP) stock was hit hard today following the release of a mixed earnings report for the second quarter of 2017.
During the second quarter of the year, J C Penney Company Inc reported losses per share of 9 cents. This is down from its losses per share of 5 cents from the same time last year. It also didn’t help JCP stock by coming in below Wall Street’s losses per share estimate of 5 cents for the quarter.
Revenue of $2.96 billion in the second quarter of 2017 could have been good news for JCP stock, if its losses hand’t been wider than expected. Revenue for the quarter was up slightly from the $2.92 billion reported in the same quarter of the previous year. It also beat out analysts’ revenue estimate of $2.84 for the second quarter of the year.
J C Penney Company Inc also reported a net loss of $62 million for its second quarter of 2017. The retailer reported a net loss of $56 million in the second quarter of 2016.
Operating income reported by J C Penney Company Inc in the second quarter of the year was $53 million. This is a drop from JCP’s operating income of $76 million from the same period of the year prior.
For the full year of 2017, J C Penney Company Inc says that it expects earnings per share to range from 40 cents to 65 cents. Wall Street is looking for the retail company to report earnings per share of 49 cents for the year.
JCP stock was down 17% as of Friday afternoon and is down 53% year-to-date.
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As of this writing, William White did not hold a position in any of the aforementioned securities.
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