PLANO, Texas–J C. Penney revised its first-quarter sales and earnings guidance to reflect weakness in the consumer-spending environment, “with sales through the Easter holiday well below expectations,” the retailer said in a statement.
J.C. Penney is now forecasting a low, double-digit comparable-store sales decline for March and a high single-digit decline for the first quarter. As a result, first-quarter earnings are now expected to be approximately 50 cents per share.
J.C. Penney previously forecasted March and first-quarter sales to dip in the low-single digits, and first-quarter earnings to be in the range of 75 cents to 80 cents per share.
“Consumer confidence is at a multiyear low,” said Myron Ullman, chairman and chief executive officer.
In related news, J. C. Penney named Ken Hicks, president and chief merchandising officer, to the retailer’s board of directors.