JCP - J.C. Penney Still Can't Escape the Retail Apocalypse
J.C. Penney's (NYSE: JCP) stock recently rose after the struggling retailer's third-quarter numbers surpassed analysts' expectations. Its total net sales fell 10% annually to $2.38 billion but still exceeded estimates by $70 million.
Its non-GAAP net loss narrowed year over year from $164 million to $97 million, or $0.30 per share, which also beat expectations by $0.24. Its adjusted EBITDA rose 130% to $106 million. On a GAAP basis, its net loss narrowed from $151 million to $93 million. Those bottom-line improvements were encouraging, but J.C. Penney's sliding revenue indicates that it's still in the shadow of the retail apocalypse.
Image source: J.C. Penney.