J.C. Penney’s stock takes hit after falling short of expectations
May 17, 2018
Shares of J.C. Penney fell 10 percent in premarket trading after the retailer announced its same-store sales only increased 0.2 percent in the first quarter instead of the two percent consensus among analysts. The department store blamed the miss on unseasonable weather to start spring, which caused many shoppers to postpone seasonal clothing purchases. Penney also warned that it could report a loss of between seven and 13 cents a share this fiscal year.
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