Thursday, August 15, 2019

J.C. Penney shrinks Q2 loss despite 9% sales drop as CEO Jill Soltau says 'we are rebuilding a business'

The Dallas Morning News
J.C. Penney reported a narrower-than-expected loss on Thursday, but its sales drop of 9% was bigger than forecasts as CEO Jill Soltau said the Plano-based department store made progress.

For the first time since joining Penney in October, Soltau offered guidance for the rest of the year, saying Penney will end 2019 with positive cash flow and earnings before interest and other taxes in the range of $440 million to $475 million. The decline in same-store sales is expected to be in the range of -7% to -8%. . . . more