May 12, 2017 / 11:37 AM / in 2 months

BRIEF-J C Penney reports Q1 loss per share $0.58

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May 12 (Reuters) - J C Penney Company Inc:

* J C Penney reports first quarter 2017 financial results and reaffirms full year guidance

* Q1 loss per share $0.58

* Q1 sales $2.7 billion versus I/B/E/S view $2.77 billion

* Q1 earnings per share view $-0.21 -- Thomson Reuters I/B/E/S

* J C Penney Company Inc - company reaffirmed its 2017 full year guidance.

* J c Penney Company Inc qtrly total net sales $2,706 million versus $2,811 million

* J C Penney Company Inc - comparable store sales were down 3.5pct for quarter

* FY earnings per share view $0.46, revenue view $12.33 billion -- Thomson Reuters I/B/E/S

* J C Penney Company Inc - "February was a very challenging month for J C Penney and broader retail"

* J C Penney Company Inc - inventory at end of Q1 2017 was $2.95 billion, an increase of 0.8pct compared to end of Q1 last year

* J C Penney Company Inc - for Q1, gross margin was 36.3 pctof sales, an increase of 10 basis points compared to Q1 last year

* Qtrly adjusted earnings per share $0.06

* J C Penney Company Inc - Q1 gross margin was positively impacted by "improved" selling margins throughout quarter

* J C Penney - incurred $220 million, or about $0.71/share restructuring charges in quarter associated with store closing, voluntary early retirement program Source text for Eikon: Further company coverage:

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