J.C. Penney Co. said Tuesday that it expects sales, excluding
newly opened or closed stores, to rise 3.5% to 4.5% for its first
quarter--news that the retailer reported following an inadvertent
disclosure from a senior official.
Shares, up about 45% this year through Monday's close, fell 0.3%
in premarket trading. In February, the retailer projected
same-store sales between 3% and 5% in the current quarter.
The results take into account the shift of Easter into March
this year, Penney said. For the quarter-to-date, the
department-store operator has seen same-store sales rise 6%.
The retailer said it disclosed the updated outlook because a
senior official inadvertently released nonpublic information to an
analyst, and it needed to fulfill regulation obligations because of
the disclosure.
Plano, Texas-based J.C. Penney in February posted a surprise
loss for the holiday quarter as operating expenses ticked up,
though it saw stronger-than-expected sales growth. In the holiday
quarter, same-store sales rose 4.4%, topping its projection of a 2%
to 4% increase.
Write to Angela Chen at angela.chen@dowjones.com
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