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BRIEF-J C Penney provides update on Q3 2017 performance
October 27, 2017 / 11:13 AM / a month ago

BRIEF-J C Penney provides update on Q3 2017 performance

Oct 27 (Reuters) - J C Penney Company Inc

* Jcpenney provides update on third quarter 2017 performance

* Sees Q3 adjusted loss per share $0.40 to $0.45

* ‍Adjusts full-year guidance​

* ‍For Q3, company expects that comparable store sales will increase in range of 0.6 pct to 0.8 pct​

* Sees FY 2017 adjusted earnings per share $0.02 to $0.08

* ‍For Q3, expects cost of goods sold, which excludes depreciation and amortization, will increase 300 to 320 basis points​

* Q3 earnings per share view $-0.18 -- Thomson Reuters I/B/E/S

* J c penney - ‍realize inventory liquidation favorably impacted sales for sept & oct

* Co expects to deliver positive low single-digit sales comp for Sept & Oct period, excluding benefit of clearance sales​

* ‍During Q3, created integrated business function to have pricing, planning & allocation teams work under oversight of newly appointed CFO

* ‍For FY 2017, comparable store sales are now expected to be -1 pct to 0 pct​

* ‍For 2017, free cash flow now expected to be $200 million to $300 million​

* ‍In Q3, took necessary steps to accelerate inventory liquidation primarily across all apparel divisions​

* Q3 earnings per share view $-0.18 -- Thomson Reuters I/B/E/S

* ‍Taking “comprehensive approach to assessing effectiveness of our inventory positions”​ Source text for Eikon: Further company coverage:

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