J.C. Penney's stock fell Friday after the retailer delivered mixed results for the first quarter.
Shares of J.C. Penney closed down almost 3 percent. In the premarket, the stock briefly fell more than 12 percent.
The company reported an adjusted loss of 32 cents a share on revenue of $2.81 billion. Analysts polled by Reuters expected J.C. Penney to report a loss of 38 cents on revenue of $2.92 billion.
Same-store sales fell 0.4 percent for the quarter, with Wall Street expecting a gain of 3.2 percent, according to FactSet.
Penney also reiterated its full-year earnings guidance, but lowered its profit margin outlook.
At Friday's close, the stock was up almost 14 percent for the year, but had shed almost 25 percent in the past month.
JCP in past month
"The first quarter was clearly challenging from a sales perspective. Although our business was not immune to the issues facing other retailers, I am pleased that we were able to deliver our second consecutive quarter of positive operating profit," CEO Marvin Ellison said in a statement.
J.C. Penney is the latest retailer to take a hit this earnings season. Rivals Macy's and Kohl's, who reported earlier this week, saw their stocks drop after unveiling their previous-quarter results.
That said, Craig-Hallum Capital senior analyst Alex Fuhrman said Friday investors should be patient with J.C. Penney.
"At least under Marvin Ellison, [Penney] has by and large kept its guidance, been true to its word of saying they're going to grow free cash flow, which they did last year. I think you've got to give them the benefit of the doubt for now, if they're going to maintain the guidance that they've got," he told CNBC's "Squawk Box."
— Disclosure: J.C. Penney is an investment banking client of Craig-Hallum Capital.