$JCP Posts a Wider Loss Than Expected, Same Store Sales Drop 26%

“J.C. Penney Co. (JCP) reported a third- quarter loss that was larger than analysts estimated as Chief Executive Officer Ron Johnson struggles to overhaul the fourth- largest U.S. department-store company. The shares fell in early trading.

The net loss of $123 million, or 56 cents a share, in the three months ended Oct. 27 compares with a loss of $143 million, or 67 cents, a year earlier, the Plano, Texas-based company said today in a statement. Excluding items including store restructuring and management-transition costs, the loss was 93 cents a share. The average of eight analysts’ estimates compiled by Bloomberg was for a 7-cent loss.”

Full article