J.C. Penney is set to report second-quarter earnings before the bell on Friday.
Here’s what Wall Street is expecting:
- Earnings per share: a loss of 5 cents, according to analysts surveyed by Thomson Reuters.
- Revenue: $2.84 billion, Thomson Reuters said.
- Same-store sales: a decline of 1.2 percent, according to Thomson Reuters.
Following its fiscal first quarter, Penney’s stock hit what was an all-time low at the time, after the retailer reported a widening net loss and weaker sales traffic.
Higher costs related to store closures and employee severance packages contributed to the disappointing results, J.C. Penney said. The company had booked $220 million of restructuring charges associated with store closings and a voluntary early retirement program.
Penney’s outlook for fiscal 2017 calls for comparable sales — a closely watched metric — to fall within a range of negative 1 percent to positive 1 percent. It also has forecast adjusted earnings of 40 cents to 65 cents per share.
Notably, other department store chains Macy’s, Kohl’s, Dillard’s and Nordstrom all delivered their quarterly earnings on Thursday. Despite better-than-expected earnings and sales from both Kohl’s and Macy’s, the stocks were both left tumbling on Thursday. Nordstrom, however, saw its shares rise after the market’s close, when it reported same-store sales growth.
As of Thursday’s close, shares of Penney’s have fallen more than 50 percent over the past 12 months. The stock is down 43 percent since the start of the year.