jc penney

Although sales gained slightly in the second quarter, J.C. Penney’s loss expanded year over year, as the retailer pointed to a comp decline and the impact of a store closing initiative.

In the quarter ended July 28, the company recorded a net loss of $62 million, or 20 cents per share, versus a net loss of $56 million, or 18 cents per share, in the period a year prior. Adjusted net loss was $28 million, or nine cents per share, versus an adjusted net loss of $16 million, or five cents per share, in the year-previous period. J.C. Penney results fell short of a MarketBeat second quarter analyst average estimate of a four cent per share loss.

Comparable sales declined 1.3% in the quarter versus the 2016 period. Net sales increased 1.5% from the year-earlier period to $2.96 billion while operating income declined to $53 from…