J.C. Penney posts big loss on falling sales
NEW YORK J.C. Penney Co. (JCP) is reporting another big loss on a nearly 12 percent drop in revenue for the second quarter.
The results, announced Tuesday, underscore the big challenges the retailer faces as it tries to recover from a botched transformation plan spearheaded by its ousted CEO Ron Johnson.
The Plano, Texas-based department store chain says that it lost $586 million, or $2.66 per share for the three-month period ended Aug. 3. That compares with a loss of $147 million, or 67 cents per share in the year-ago period.
Revenue reached $2.66 billion, down from $3.02 billion.
Analysts were expecting a $1.07-per-share loss on revenue of $2.77 billion.
Revenue at stores open at least a year dropped 11.9 percent, worse than the 8.3 percent analyst expected.