January 8, 2019 / 10:24 PM / 6 months ago

J.C. Penney reaffirms free cash flow forecast, sees store closures

Jan 8 (Reuters) - Department store operator J.C. Penney Co Inc on Tuesday reaffirmed its 2018 free cash flow forecast and said it expects to end the year with liquidity in excess of $2 billion.

Shares of the company rose 4 percent in after-hours trading.

Penney, which also announced plans to close three stores this spring, reported a 3.5 percent fall in comparable store-sales for the nine-week period ended Jan. 5 on a shifted basis, indicating a fall in overall comparable sales for the holiday quarter.

A handful of major U.S. retail names have collapsed in the past two years, including Sears Holdings Corp, which is now considering a revised takeover bid from billionaire Chairman Edward Lampert temporarily staving off a liquidation. (Reporting by Soundarya J in Bengaluru; Editing by Maju Samuel)

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