J.C. Penney on Thursday reported mixed second-quarter results that showed its sales are continuing to erode. The department store chain reported a net loss of $48 million, or 15 cents a share, narrower than its loss of $101 million, or 32 cents a share, a year ago. Excluding one-time items, Penney lost 18 cents a
Earnings
Macy’s second-quarter earnings fell way below analysts’ expectations, as heavy markdowns used during the spring season to clear unsold merchandise weighed on profits. Macy’s also lowered its profit outlook for the full year and now is expecting to earn between $2.85 and $3.05 a share, down from a range of $3.05 to $3.25. Its shares
Shares of Nordstrom, Kohl’s, and J.C. Penney fell in premarket trading on Wednesday after Macy’s lowered its profit outlook in an earnings miss that was indicative of challenges within the broader department store and retail sector. Macy’s stock sank more than 13%, while Nordstrom, Kohl’s and Penney all fell more than 4% after the news.
Analysts are lowering their earnings estimates for the second half of 2019 and there is a chance earnings for the S&P 500 could be negative for 2019. In the last two weeks, strategists at Goldman Sachs and Citigroup have reduced 2019 and 2020 earnings estimates for the S&P 500, citing a sluggish economy, trade war
Lyft President John Zimmer (L) and CEO Logan Green during an interview at an IPO event in Los Angeles March 29, 2019. Michael Luciano | CNBC Lyft, the second most popular ride-hailing platform in the U.S., just reported earnings for the quarter ended June 20: Loss per share: $0.68 adjusted, vs an expected loss of