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J.C. Penney (JCP) reported Q3 2019 revenue of $2.5 billion, GAAP EPS of -$0.29 and non-GAAP EPS of -$0.30. The company beat on revenue and earnings. The stock rose over 6% on the news. I had the following takeaways on the quarter.
Same-Store Sales Continue To Decline
The revenue and earnings beat was positive. However, J.C. Penney still has to make the transition from selling through physical stores to selling through a viable digital platform. The company is being hit by a cascade of competition from Amazon (AMZN) and traditional retailers likely Walmart