Earnings Preview: Did J.C. Penney Make More Turnaround Progress Last Quarter?
Three months ago, J.C. Penney (NYSE: JCP) finally showed investors tangible signs of progress in its second-quarter earnings report, following a long string of dreadful earnings results. Nevertheless, the company continued to experience sharp sales erosion in Q2.
J.C. Penney is set to release its third-quarter earnings report on Friday morning. The iconic department store chain needs to show investors another quarter of improving profitability and at least some sign that it is stabilizing its sales.
In the second quarter of fiscal 2019, J.C. Penney's comparable-store sales plunged 9% year over year and total revenue fell 7.4%. At first glance, that doesn't seem like evidence of a turnaround.