JC Penney’s third quarter results do little to brighten things up for a retailer that has been struggling with thinning margins for a while.
In the fiscal third quarter ended Nov. 3, 2018, the retail chain incurred an adjusted net loss of $164 million ($0.52 per share) – worse than the $108 million ($0.35 per share) loss of the year ago-period. Total net sales declined -5.8 % to $2.65 billion, from $2.82 billion a year ago.
Comparable sales decreased -5.4 % for the third quarter. JC Penney projects comparable store sales for the full fiscal year 2018 to be down by low-single digits.
The company expects to achieve positive free cash flow for the full year.