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JCP - J.C. Penney: Holiday Sales Results Were A Bit Disappointing
J.C. Penney Company Inc.
J.C. Penney's (JCP) holiday sales update was a bit disappointing. Although J.C. Penney reaffirmed its 2019 guidance, it had a pretty low bar to reach to make that guidance. Macy's (M) noticeably improved holiday results (compared to Q3 2019) raised hopes that J.C. Penney could deliver similar improvements. Instead, J.C. Penney's sales improvement was a bit short of that mark. It should be able to easily beat $475 million in adjusted EBITDA for 2019, but that is already built into its share price, and it will likely take strong gross margin results in