J.C. Penney posts big 2Q loss on falling sales
Penney posts big 2Q loss on 12 pct drop in revenue underscoring challenges in its recovery
This Monday, Aug. 19, 2013 photo shows the entrance to a J.C. Penney store at a Hialeah, Fla., shopping mall. On Tuesday, Aug. 20, 2013, J.C. Penney reports quarterly financial results. (AP Photo/J Pat Carter)
·Associated PressNEW YORK (AP) -- J.C. Penney Co. is reporting another big loss on a nearly 12 percent drop in revenue for the second quarter.
The results, announced Tuesday, underscore the big challenges the retailer faces as it tries to recover from a botched transformation plan spearheaded by its ousted CEO Ron Johnson.
The Plano, Texas-based department store chain says that it lost $586 million, or $2.66 per share for the three-month period ended Aug. 3. That compares with a loss of $147 million, or 67 cents per share in the year-ago period.
Revenue reached $2.66 billion, down from $3.02 billion.
Analysts were expecting a $1.07-per-share loss on revenue of $2.77 billion.
Revenue at stores open at least a year dropped 11.9 percent, worse than the 8.3 percent analyst expected.
