Liquidation efforts took a toll on J.C. Penney in its second quarter, which reported earnings and same-store sales below estimates.
Penney’s net loss widened to $62 million in the quarter ended July 29, or 20 cents per share, from $56 million, or 18 cents per share, in the year-ago period.
Excluding one-time items, Penney’s lost 9 cents a share, greater than the expected loss of 5 cents. Penney said the liquidation of inventory in 129 closing stores during the quarter had a negative impact on earnings and gross margins.