J.C. Penney quarterly same-store sales fall short of expectations

J.C. Penney quarterly same-store sales fall short of expectations

FILE PHOTO: Shoppers leave the J.C. Penney department store in North Riverside, Illinois, U.S., November 17, 2017. REUTERS/Kamil Krzaczynski/File Photo

(Reuters) – J.C. Penney Co Inc (JCP.N) reported a steeper-than-expected drop in quarterly comparable-store sales on Thursday, as the struggling department store operator stopped selling appliances and furniture in its stores.

The Plano, Texas-based company said sales at stores open for at least 12 months fell 9% in the second quarter ended Aug 3. Excluding the impact of the businesses it exited, comparable sales decreased 6%.

Analysts on average were estimating a drop of 5.15%, according to IBES data from Refinitiv.

“We still have work to do on our topline,” Chief executive Officer Jill Soltau said.

However, the company’s net loss narrowed to $48 million, or 15 cents per share, from $101 million, or 32 cents per share, a year earlier.

Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shinjini Ganguli

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