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Market Update : 
JC Penney Plunges 12%
Author: 123jump.com Staff
123jump.com
Last Update: 10:03 AM EDT March 28 2008

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JC Penney lowered its earnings estimate for the current quarter to 50 cents from 75 cents to 80 cents per share. The retailer that counts half of American families as its customers blamed lower than expected sales during Easter holiday. However, retailer did not lower its plan to open new stores and appears to keep spending money under is capital investments plan.

 
9:30AM New York – JC Penney fell sharply after it lowered earnings guidance. Retailers fell on the earnings guidance.

J.C. Penney today revised its first quarter sales and earnings guidance as the retailer counts half of American families as its customers.

The department store chain lowered earnings for the first quarter ending in March to 50 cents per share from the previous estimate between 75 cents and 80 cents per share.

The earnings warning release added, “With sales through the Easter holiday well below expectations, JCPenney is now guiding to a low-double digit comparable store sales decline for March and a high-single digit decline for the first quarter.”

The Company’s previous guidance was for both March and first quarter sales to decline low-single digits.

J.C. Penney (JCP: chart) stock fell $4.39 or 11.5% to $36.14.
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