Business

Penney reports 3Q loss

Posted November 11, 2016 6:00 am

The Associated Press

PLANO, Texas (AP) - J.C. Penney Co. (JCP) on Friday reported a loss of $67 million in its fiscal third quarter.

On a per-share basis, the Plano, Texas-based company said it had a loss of 22 cents. Losses, adjusted for restructuring costs, were 21 cents per share.

The results beat Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for a loss of 22 cents per share.

The department store operator posted revenue of $2.86 billion in the period, which missed Street forecasts. Eight analysts surveyed by Zacks expected $2.94 billion.

Penney shares have climbed 32 percent since the beginning of the year. The stock has risen 1.5 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on JCP at https://www.zacks.com/ap/JCP

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Keywords: J.C. Penney, Earnings Report, Priority Earnings

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