As Total Sales Decrease, Citigroup Introduces New JC Penney Company Estimates

JC Penney Company, Inc.'s (NYSE: JCP) total sales in October decreased (-3.3)%, Citigroup reports. Sales were negatively impacted by (-160) bps from the discontinuation of JCP's Big Book catalogs.

“We are maintaining our 2011 EPS estimate of $1.97, which is above consensus of $1.82,” Citigroup writes. “We are also introducing our 2011 quarterly EPS estimates as follows:”

– 1Q11E: $0.32, vs. consensus of $0.30
– 2Q11E: $0.18, vs. consensus of $0.17
– 3Q11E: $0.30, vs. consensus of $0.24
– 4Q11E: $1.17, vs. consensus of $1.08

Furthermore, Citigroup is introducing its 2013 EPS estimate ($3.22) and 2014 EPS estimate ($4.04).

JC Penney Company currently trades at $32.65.