JC Penney continues to hemorrhage

PLANO, Texas (AP) — Losses are widening at J.C. Penney and sales are falling after the retailer shed its furniture and major appliance businesses.

Same store sales tumbled 5.5 percent and shares fell by about as much Tuesday.

The company on Tuesday reported a loss of $154 million in its first quarter, or 48 cents per share. Losses, adjusted for one-time gains and costs, came to 46 cents per share. That’s worse than the per share loss of 39 cents Wall Street was expecting, according to a survey by Zacks Investment Research.

The Plano, Texas-based company’s revenue was $2.56 billion, down 5.6 percent.

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