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News Summary: J.C. Penney 1Q loss widens

NEW YORK (AP) -- THE LOSSES: J.C. Penney lost $348 million, or $1.58 per share, during the three months that ended on May 4. That compares with a loss of $163 million, or 75 cents per share, in the year-ago period. Revenue dropped 16.4 percent to $2.63 billion.

Wall Street had expected a loss of $1.06 per share on revenue of $2.65 billion, according to research firm FactSet.

BEHIND THE QUARTER: Penney is still reeling from the pricing and marketing strategies from its former CEO Ron Johnson who was ousted last month after being on the job for 17 months. Johnson's plan included getting rid of most sales and bringing in hip new brands.

WHAT'S NEXT: Penney's new CEO Mike Ullman, who was Johnson's predecessor, is bringing back sales and adding back basics like khakis.