JCPenney: reduces losses and announces partnership

(CercleFinance.com) - On Thursday JCPenney posted a net loss of 48 million dollars for its second quarter, or fifteen cents per share, compared to a loss of 101 million, or thirty-two cents per share, a year ago.


The department store chain nevertheless saw its revenues slip 9.2% to 2.6 billion dollars as reported. Like-for-like sales were down 9%.

For the full year, JCPenney expects adjusted EBITDA of between 440 million and 475 million dollars, with like-for-like sales down between 7% and 8%.

In addition, on Thursday the group announced a partnership with tredUP, a specialist in second-hand clothing. 30 sales outlets will be selected and will soon offer second-hand clothes.


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