J.C. Penney Co.. Inc. appears to have reported that a surprise fiscal first-quarter gain, compared with Wall Street expectations of a loss, but the actual surprise might be the adjusted earnings per share of 6 cents included a non-recurring profit from the sale of assets and $117 million. Based on the 309.6 million outstanding shares utilized in the calculation of earnings per share, that sale additional about 38 cents to the adjusted bottom line. Then the department store chain could have recorded a loss of 32 cents per share, if that profit was excluded. The FactSet consensus was to get a loss of 21 cents per share. The stock was down 4.9% in premarket trade, as revenue dropped and same-store sales declined more than expected. The inventory has totaled 36 per year to date through Thursday, although the S&P 500 has gained 7 percent.
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