JC Penney Continues to Hemorrhage
PLANO, Texas (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 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.
The Plano, Texas-based company's revenue was $2.56 billion, down 5.6%.