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J.C. Penney cuts Q1 loss; goes on offensive to ‘gain back market share’
Plano, Texas -- J.C. Penney Co. topped analysts estimates for the first quarter, reporting a smaller-than-expected loss. Declaring its intent to become the “preferred shopping choice for middle America” and gain back market share, the company also raised its outlook for the year.
Penney posted a loss of $167 million in the quarter ended May 2, compared with a net loss of $352 million in the year-ago period.
