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J.C. Penney Posts Net Loss Of $586M

|Includes: J.C. Penney Company Inc. (JCP)

Originally published at www.seclive.com

J.C. Penney Company, Inc. (NYSE:JCP) announced a net loss of $586M in its quarterly financial results, with losses per share of $2.66. This quarter a year ago the company posted a net loss of $147M with losses per share of $0.67, indicating that the company is still struggling to get on a positive direction. CEO Mike Ullman acknowledged the challenges, admitting there are no easy ways to fix past mistakes and the company is continuing to regain customer loyalty with great, affordable clothes. Company revenue this quarter was $2.66B, down from $3.02 a year ago. J.C. Penney is still trying to find a new permanent CEO after ejecting Ron Johnson, who is to blame for the company's quick downward spiral after enacting several changes that did not sit well with consumers. Former CEO Mike Ullman will lead the company until a permanent replacement is chosen.

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