NEW YORK — J.C. Penney Co. reported another big loss on a nearly 12 percent drop in revenue for the second quarter, underscoring big challenges the retailer is facing as it tries to recover from a failed transformation plan.
The results, released Tuesday, mark the sixth straight quarter of big losses and steep revenue drops for the retailer.
The Plano, Texas-based department store chain said it lost $586 million, or $2.66 per share, for the three months ended Aug. 3. That compares with a loss of $147 million, or 67 cents per share, a year earlier. Revenue reached $2.66 billion, down from $3.02 billion.
Read tomorrow's Arkansas Democrat-Gazette for full details.