J.C. Penney reports second-quarter loss but tops expectations

MarketsAssociated Press

J.C. Penney Co. (JCP) on Friday reported a loss of $138 million in its fiscal second quarter.

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On a per-share basis, the Plano, Texas-based company said it had a loss of 45 cents. Losses, adjusted for one-time gains and costs, were 41 cents per share.

The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of 50 cents per share.

The department store operator posted revenue of $2.88 billion in the period, also topping Street forecasts. Eight analysts surveyed by Zacks expected $2.86 billion.

Penney shares have increased 25 percent since the beginning of the year. The stock has dropped 14 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on JCP at http://www.zacks.com/ap/JCP

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