J.C. Penney Narrows Loss As Q2 Sales Rise

For the second quarter ended August 1, J.C. Penney reported a narrower net loss of $138 million, or 45 cents per share, versus $172 million, or 56 cents per share, in the period last year. The retailer posted net sales growth of $2.88 billion compared to $2.80 billion in the 2014 quarter as comparable store sales increased 4.1% year over year.

An analyst average estimate from Zacks Investment Research was for a 50 cents per share loss.

Best performing merchandise categories in the quarter were men’s, home, Sephora and fine jewelry, the retailer noted. In geographic terms, all regions experienced sales growth when compared to the same period last year with the best performance in the western and central regions.

“We are pleased to report another quarter of improved performance thanks to the commitment and diligence of the J.C. Penney team,” said Marvin Ellison, J.C. Penney CEO. “Although we have significant work to do as a company to regain our status as a world-class retailer, I am pleased with the resilience and the efforts of our associates. I also remain confident in our ability to achieve the long-term financial targets we have laid out.”

J.C. Penney operates 1,020 stores and jcpenney.com.