J.C. Penney raises 2Q outlook
July 9, 2009,
Plano, Texas – With May and June turning in better than expected results, J.C. Penney today raised its guidance for second quarter earnings. The company now expects a loss of 8 cents to 12 cents per share versus a previous expectation of a loss in the range of 15 cents to 25 cents per share.
This month, JCP expects comps for fall 13% to 16%, citing a later start to back-to-school shopping this year as well as the shift of several state’s tax-free shopping periods into fiscal August. In addition, the company says it has lower levels of clearance inventory this year compared to last, which July comps fell 6.5%.
Related Content By Author
Live From New York: Fashion Comes Across the Pond
Home & Textiles Today eDaily
Most Viewed Articles
See the September 2017 issue of Home & Textiles Today. In this issue, we look at the Attack of the Killer Third Tier: Monster off-pricers are climbing to the top of the food chain, plus New Products: 40 pages of new products debuting at the New York Home Fashions Market; Home Stores: TJX unveils first U.S. HomeSense store; Clicks to Bricks: Boll & Branch moves from digital to physical retailing; and much more...