J.C. Penney Co Inc posted a smaller-than-expected quarterly loss on Thursday, as...
) posted a smaller-than-expected quarterly loss on Thursday, as the struggling department store operator’s efforts to cut costs and shutter unprofitable businesses paid off, sending its shares up 12%.
Last month, Reuters reported that the company had hired advisers to explore debt restructuring options. But the company’s net loss has more than halved - to $48 million - compared to the same period a year ago and Soltau said the company was benefiting from a reduction in excess inventory and a reining in of permanent price markdowns.
To stem the company’s falling sales and boost margins on merchandise, Soltau has been striving to reduce inventory at stores and closing underperforming outlets.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
JC Penney reports mixed second-quarter results as sales decline at a faster-than-expected paceJ.C. Penney on Thursday reported mixed second-quarter results that showed its sales are continuing to erode.
Read more »
Katy Perry accused of sexual misconduct by 'Teenage Dream' video co-starIn an Instagram post, model Josh Kloss claimed the singer exposed him at a roller skating rink.
Read more »
Epstein's accusers request plea deal be axed, say it could point to 'co-conspirators'NEW: Epstein accusers ask federal court to invalidate 2007 non-prosecution agreement that not only shielded Epstein from further prosecution but protected alleged co-conspirators.
Read more »
‘Teenage Dream’ Co-Star Accuses Katy Perry of Sexual MisconductActor-model Josh Kloss, who starred in Katy Perry's 'Teenage Dream' music video in 2010, has accused the singer of exposing him at a roller skating rink. Writing on Instagram, Kloss described his interaction with Perry: 'It was Johny Wujek’s birthday party at moonlight roller way.
Read more »
Ashley Park To Co-Star In Darren Star’s Paramount Network Series ‘Emily In Paris’EXCLUSIVE: Tony-nominated actress Ashley Park is set as a lead opposite Lily Collins in Emily in Paris, Paramount Network’s half-hour dramedy from Younger and Sex and the City creator Darren Star. …
Read more »
JAY-Z to Co-Produce NFL's Super Bowl Halftime ShowThe music mogul will have a say in who performs at the highly anticipated event -- but it probably won't be himself.
Read more »