JCP, Kohl's, Macy's and Ross update guidance
Retail Editor 3 -- Home Textiles Today, October 6, 2011
New York - September results prompted four retailers to alter their guidance for future quarters.
JCPenney now expects third quarter comps to come in flat to last year. After charges, the retailers is forecasting a loss of 12 to 7 cents per share. Previously, Penney has expected earnings per share of up to 25 cents.
Kohl's said lease accounting changes will reduce earnings to 73 cents to 79 cents per share for the third quarter. Fiscal year earnings are now expected to be $4.34 to $4.49 per share versus the previous guidance of $4.45 to $4.60 per diluted share.
Macy's Inc. now believes its third quarter same-store sales will hit the high end of its earlier guidance of 4% to 4.5%
Ross Stores raised its projected third quarter earnings per share to $1.16 to $1.18. It previously forecasted EPS of $1.00 to $1.04.
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