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On Thursday 14 August JCPenney is expected to announce an adjusted earnings per share of -$0.903, an improvement on the -$1.12 loss the company posted last quarter. Sales are estimated to be $2.77 billion, helping the quarterly loss rise from -$344 million to -$293 million.
JCPenney has been a little slow to act upon changes to consumer buying habits, and it is now halfway through its restructuring plan. In an effort to catch up with its counterparts like Macy’s, by improving sales from non-core store operations, it has improved its website and developed smartphone apps to help steer shoppers to its online platforms. In the last set of figures the company saw a 25% increase in online sales year-on-year. Considering the head start that its competitors have had, the company will be hoping to see improvements following another three months of implementation.
Shares in JCPenney have remained relatively rangebound over the last six months, as it has failed to break above the $10 level and predominantly found support around $8. Currently the 50- and 100-day moving averages are just below the $9 level, and it would take some particularly poor figures to break this support.