JC Penney Posts Narrower 2Q Loss, Exceeding Analysts’ Expectations
PLANO, Texas (AP) – J.C. Penney Co. (JCP) on Thursday reported a narrower loss in its fiscal second quarter, and topped analysts’ expectations.
The Plano, Texas-based company reported a loss of $172 million, or 56 cents per share, compared with a loss of $586 million, or $2.66 per share, in the same quarter a year ago.
Losses, adjusted for one-time gains and costs, were 75 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for a loss of 98 cents per share.
The company said revenue rose 5 percent to $2.8 billion from $2.66 billion in the same quarter a year earlier, and beat Wall Street forecasts. Analysts expected $2.79 billion, according to Zacks.
J.C. Penney shares added 67 cents, or 6.9 percent, to $10.41 in after-hours trading. The shares have gained 6.5 percent in 2014, but are off 26 percent in the past 12 months.
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