J. C. Penney Co. Inc. (JCP, Financial) shares fell after reporting a second-quarter loss of 38 cents per share on $2.83 billion in revenue. The company fell short of earnings estimates by 32 cents and revenue expectations by $30 million.
“During the second quarter, we delivered a positive sales comp of 0.3%," Chief Financial Officer Jeffrey Davis said. "We had a strong start and finish to the quarter, with both May and July comps delivering ahead of our annual comp guidance range. Overall, we are confident that our renewed focus on Women's is having a beneficial impact, evidenced by the positive comp sales performance in Women's and Children's apparel, both of which meaningfully out-performed our total Q2 comp results."
The company has revised its 2018 full-year guidance. It expects comparable store sales to be flat and adjusted earnings to be between a $1 loss and a loss of 80 cents per share.
Shares of SpartanNash Co. (SPTN, Financial) fell nearly 18% after reporting second-quarter earnings of 50 cents per share on $1.89 billion in revenue.
The gross profit was $265.7 million, or 14% of net sales, down from $271 million, or 14.6% of net sales, in the same quarter of 2017. Adjusted earnings before interest, taxes, depreciation and amortization were $49.7 million.
Looking ahead to fiscal 2018, the company anticipates adjusted earnings per share between $1.96 and $2.08 and reported earnings in the range of $1.69 to $1.84 per share.
Disclosure: The author holds no positions in any stocks mentioned.
