Despite slowing sales, J.C. Penney narrows its Q3 loss to $188M

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J.C. Penney reported that it lost $188 million during its third quarter.

Danielle Abril

Staff Writer- Dallas Business Journal

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J.C. Penney Co. Inc. reported that it lost $188 million, or 62 cents per share, on $2.76 billion in revenue during its third quarter, an improvement over the same quarter last year.

The retailer beat analyst expectations, which projected that the company would lose 80 cents this quarter.

Penney (NYSE: JCP) lost $489 million, or $1.94 per share, on $2.78 billion during the same quarter last year.

Same store sales were flat for the quarter and gross margin improved 710 basis points from last year. The company also completed a $400 million unsecured debt offering during the third quarter. It ended the quarter with $1.9 billion in liquidity.

Read more here from the Dallas Business Journal.

Danielle covers technology, retail, restaurants and hospitality for the Dallas Business Journal. Subscribe to our new TechFlash email newsletter.