JC Loses 67 Pennies, A Wider Loss Than Expected

“J.C. Penney Co. (JCP) posted a wider loss than analysts estimated and said it won’t meet its annual profit forecast as Chief Executive Officer Ron Johnson’s overhaul of the fourth-largest U.S. department-store company falters.

The fiscal second-quarter net loss of $147 million, or 67 cents a share, compares with net income of $14 million, or 7 cents, a year earlier, the Plano, Texas-based company said today in a statement. Excluding some items, the loss was 37 cents a share. The average estimate of nine analysts surveyed by Bloomberg was for a 14-cent loss.”

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