JC Penney outlook spooks Wall Street

PLANO, Texas — J.C. Penney is reporting a first-quarter loss along the lines of what analysts had expected, but also strong revenue.

The company’s outlook for the year is short of most projections, however. Shares slid 5 per cent early Thursday.

The loss was $78 million, or 25 cents per share. The loss, adjusted for one-time items, was 22 cents per share.

The Plano, Texas, department store posted revenue of $2.67 billion, beating projections of $2.6 billion, according to a survey by Zacks Investment Research.

J.C. Penney Co. expects full-year results to range from a loss of 7 cents per share to earnings of 13 cents per share.

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Portions of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on JCP at https://www.zacks.com/ap/JCP