PLANO (CBSDFW.COM/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% and shares fell by about as much Tuesday.
The Plano-based 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.
Revenue was $2.56 billion, down 5.6%, as the company continues to deal with high debt, fluctuating earnings and the overall decline of department stores in general.
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