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Wednesday, 20 November 2013 09:47

J.C. Penney's 3Q loss widens; sales even out

NEW YORK (AP) - J.C. Penney is reporting a wider third-quarter loss, but the results showed its business is starting to stabilize. The department store chain, based in Plano, Texas, says Wednesday that it lost $489 million, or $1.94 per share, in the three months that ended Nov. 2. That compares with a loss of $123 million, or 56 cents per share, a year earlier. Revenue fell 5.1 percent to $2.78 billion. The company's adjusted loss was $1.81 per share. Analysts expected a loss of $1.74 per share on revenue of $2.79 billion. Revenue at stores open at least a year fell 4.8 percent for the quarter, but the period ended with its first monthly gain since December 2011. Shares of J.C. Penney are up more than 6 percent in premarket trading.