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J.C. Penney loss widens on store closing efforts; to boost apparel

August 14, 2017

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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.

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