Shares of J.C. Penney were tumbling in Friday trading after the company posted a bigger than expected quarterly loss. The stock tanked to a new record low and were down over 20%.
The company reported that sales at stores open more than a year fell for the fifth straight quarter to 1.3%. Wall Street had expected a ecline of just 1.2% according to research firm Consensus Matrix.
It’s been a bad week overall for retail stocks including Macy’s and Kohl’s, despite both of these retailers actually surpassing Wall Street’s estimates.
Though J.C. Penney may have reported disappointing results the company did note that it saw “significant acceleration” in kid’s apparel. This category had been struggling for many quarters previously.
For the period, J.C. Penney reported a loss of 9 cents per share. This was significantly higher than the loss of 5 cents that the Street expected.
Net sales were at least a win though at $2.96 billion compared to the $2.84 billion that analysts had waited for.
Disclaimer: We have no position in J C Penney Company Inc. (NYSE: JCP) and have not been compensated for this article.