J.C. Penney (NYSE:JCP) reported Q2 EPS of $0.07, better than analyst estimates of $0.06 per share. Revenues for the quarter fell .8% year-over-year to $3.91 billion in line with consensus estimates.
For the Q3 the company expects earnings per share to be in the range of $0.15 to $0.20 per share, including restructuring charges of approximately $0.05 per share.
Mike Ullman, III, chairman and chief executive officer said, "The challenging economy continues to impact the moderate consumer. Nevertheless, we have made significant strides in implementing our merchandising growth initiatives, with sales gains across our apparel and accessories businesses both in stores and on jcp.com. Through our focus on building attractions, improving sales productivity in stores, managing expenses and streamlining operations, we are committed to delivering on the Company's long-term earnings targets."
JC Penney (NYSE:JCP) has a potential upside of 30% based on a current price of $26.83 and an average consensus analyst price target of $34.89.