Penney reports 2Q loss

PLANO, Texas (AP) – J.C. Penney Co. is reporting a loss of $56 million in its fiscal second quarter. On a per-share basis, the Plano, Texas-based company says it had a loss of 18 cents. Losses, adjusted for one-time gains and costs, came to 5 cents per share. The results surpassed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for a loss of 15 cents per share. The department store operator posted revenue of $2.92 billion in the period, which did not meet Street forecasts. Seven analysts surveyed by Zacks expected $2.93 billion. Penney shares have climbed 49 percent since the beginning of the year. The stock has climbed 19 percent in the last 12 months.