J. C. Penney Company, Inc. has said that for its fiscal second quarter ended August 4, 2018, comparable sales increased 0.3 percent and net loss for the quarter was 101 million dollars or 0.32 dollar per share compared to a net loss of 48 million dollars or 0.15 dollar per share in the same period last year. Total net sales for the quarter decreased 7.5 percent to 2.76 billion dollars, which the company said, was primarily the result of the 141 stores that closed in fiscal 2017.
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"During the second quarter, we delivered a positive sales comp of 0.3 percent. We had a strong start and finish to the quarter, with both May and July comps delivering ahead of our annual comp guidance range. Overall, we are confident that our renewed focus on women's is having a beneficial impact, evidenced by the positive comp sales performance in women's and children's apparel, both of which meaningfully out-performed our total Q2 comp results," said Jeffrey Davis, JCPenney’s Chief Financial Officer in a statement.
The company added that children's, jewelry, Sephora, women's apparel and salon were the company's top performing divisions and categories during the quarter. Geographically, the Gulf Coast, Southeast and Northwest were the best performing regions of the country.
The company’s adjusted net loss was 120 million dollars or 0.38 dollar per share compared to 23 million dollars or 0.07 dollar per share, for the second quarter last year.
The company has revised its 2018 full year guidance and now expects comparable store sales to be approximately flat; and adjusted earnings per share now expected to be a loss of 1 dollar to 0.80 dollar.