NEW YORK (AP) – J.C. Penney says its first-quarter loss narrowed from a year ago, but the department store operator posted a sales shortfall in an overall tough environment.
Its shares dropped more than 11 percent in premarket trading.
The company, based in Plano, Texas, said that it lost $68 million, or 22 cents per share, for the three-month period ended April 30. That compares with a loss of $150 million, or 49 cents per share in the year-ago period.
Revenue dropped 1.6 percent to $2.81 billion.
Analysts were expecting a loss of 38 cents on revenue of $2.92 billion.
Revenue at store opened at least a year slipped 0.4 percent, reversing five straight quarters of growth.
Penney is trying to rebuild sales after an ill-fated transformation led to catastrophic results in 2012 and 2013.