May 17, 2018 / 11:40 AM / 7 days ago

J.C. Penney quarterly same-store sales miss estimates, shares fall

May 17 (Reuters) - J.C. Penney Co Inc’s first-quarter sales at established stores missed analysts’ estimate on Thursday, hurt by the late start to the spring selling season.

Shares of the department store operator fell 11 percent in premarket trading.

Its same-store sales rose 0.2 percent, missing the analysts’ estimate of about 2 percent, according to Thomson Reuters I/B/E/S.

The company’s net loss narrowed to $78 million, or 25 cents per share, in the quarter ended May 5, from $187 million, or 60 cents per share, a year earlier. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Arun Koyyur)

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