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J.C. Penney records bigger-than-expected Q2 loss; 22% sales drop
Plano, Texas -- J.C. Penney Co. reported Friday a bigger-than-expected second-quarter loss of $147 million, compared with net income of $14 million in the same period last year.
Sales plummeted 22% to $3.02 billion from $3.9 billion, and same-store sales tumbled 21.7% after an 18.9% fall in the first quarter. Wall Street had forecast revenue of $3.2 billion.
Facing the investment community on Friday, CEO Ron Johnson admitted to some strategic pricing mistakes, but said he and his team will stay the course.
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Bharti Walmart puts online on hold
Bharti Walmart, Walmart's joint venture in India, has reportedly ended plans to start online operations and has fired Dippankar Halder, who was in charge of the division.
However, a spokeswoman for the company, according to The Economic Times, denied the reports and said that Bharti Walmart will continue to serve its members multiple ways, including through the e-commerce channel.