JCPenney’s Q3 Loss Widens As Sales Even
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NEW YORK (AP) - JCPenney is reporting a wider third-quarter loss, but the results showed its business is starting to stabilize.
The department store chain, based in Plano, Texas, says Wednesday that it lost $489 million, or $1.94 per share, in the three months that ended Nov. 2. That compares with a loss of $123 million, or 56 cents per share, a year earlier.
Revenue fell 5.1 percent to $2.78 billion.
The company’s adjusted loss was $1.81 per share. Analysts expected a loss of $1.74 per share on revenue of $2.79 billion.
Revenue at stores open at least a year fell 4.8 percent for the quarter, but the period ended with its first monthly gain since December 2011.
Shares of JCPenney are up more than 6 percent in premarket trading.
(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
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