J.C. Penney Shares Fall Despite Smaller Second-quarter Losses

J.C. Penney Co. Inc. shares fell 2.4% in Friday premarket trading after the retailer reported narrower-than-expected second-quarter losses, though sales were just below estimates. Net loss for the quarter was $56 million, or 18 cents per share, compared with a loss of $117 million, or 38 cents per share, for the same period last year. Adjusted losses were 5 cents per share, compared with the FactSet consensus of a 14-cents-per-share loss. Sales for the quarter totaled $2.918 billion, up from $2.875 billion for the same period last year, and just below the $2.928 billion FactSet consensus. Same-store sales grew 2.2%, meeting the FactSet estimate. J.C. Penney reaffirmed full-year 2016 guidance, with same-store sales expected to increase 3% to 4% against a FactSet consensus of 2.2%. J.C. Penney shares are up 49.3% for the year so far while the S&P 500 Index is up 6.9% for the same period.