J. C. Penney Company, Inc. (JCP - Free Report) reported first-quarter fiscal 2018 adjusted loss per share of 22 cents, which is in line with the Zacks Consensus Estimate. Also, the figure compared unfavorably with the year-ago figure of one cent.

Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2018 has declined by a penny in the past 30 days. In the trailing four quarters (excluding the quarter under review), the company’s bottom line had outperformed the Zacks Consensus Estimate by an average of 31.8%.

Revenues: J. C. Penney generated total net sales of $2,584 million that decreased 4.3% year over year. The figure missed the Zacks Consensus Estimate of $2,605 million. Comparable sales rose 0.2% in the quarter, compared with the decline of 3.5% recorded in the prior-year quarter.

J. C. Penney Company, Inc. Price and EPS Surprise

 |Outlook: For fiscal 2018, comps is projected to be in the range of flat to up 2%. The company now expects adjusted bottom-line to be in the range from a loss of 7 cents to earnings of 13 cents a share. The company had earlier guided adjusted earnings per share in the band of 5-25 cents. The Zacks Consensus Estimate for fiscal 2018 is currently pegged at earnings of 14 cents. 

Stock Movement: J. C. Penney shares are down roughly 15% during pre-market trading hours following the earnings release.