J.C. Penney Starts Out a Rebuilding Year With Bigger Loss and Sales Decline Than Expected

This story is breaking and being updated. J.C. Penney starts out a pivotal year under new management with a bigger sales decline and wider loss than analysts expected. The Plano-based department store chain posted a first-quarter loss of $154 million, or 48 cents a share, versus a loss of $78 million, or 25 cents a share a year ago.Sales fell 5.6 percent to $2.44 billion from $2.58 billion last year as the company discontinued its kitchen and laundry appliances. Same-store sales fell 5.5 percent in the three months ended on May 4.Analysts surveyed by Refinitiv forecast a loss of 38 cents a share and a same-store sales decline of 4.3 percent to $2.56 billion.   Continue reading...