JC Penney

JCP JC Penney

5.03 -0.26 (-4.90 %)

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JC Penney on Friday reported a smaller-than-expected loss in the first quarter, but sales that missed analysts’ forecasts. Its shares fell by as much as 9% in volatile premarket trading.

The retailer reported an adjusted loss of $0.06 per share, smaller than the expectation for a loss of $0.21 according to Bloomberg.

Net sales totaled $2.71 billion, missing the forecast for $2.77 billion. Comparable store sales, at locations open for at least one year, fell by 3.5% (-0.7% expected.)

CEO Marvin Ellison said in the earnings statement that the sales improvement from March to April was good enough to leave the outlook for the rest of the year unchanged.

“The recent sales trends, combined with the improvement…