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