J.C. Penney reports 2Q loss
PLANO, Texas (AP) — J.C. Penney Co. (JCP) on Friday reported a loss of $62 million in its fiscal second quarter.
The Plano, Texas-based company said it had a loss of 20 cents per share. Losses, adjusted for one-time gains and costs, came to 9 cents per share.
The results fell short of Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for a loss of 6 cents per share.
The department store operator posted revenue of $2.96 billion in the period, which beat Street forecasts. Six analysts surveyed by Zacks expected $2.87 billion.
Penney expects full-year earnings in the range of 40 cents to 65 cents per share.
The company’s shares closed at $4.71. A year ago, they were trading at $9.15.