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J.C. Penney Q3 loss widens; encouraged by positive signs
Plano, Texas -- J.C. Penney posted a bigger-than-expected loss for its third quarter. But the struggling retailer pointed to hopeful signs that its business is starting to stabilize as its heads into the holiday season.
Penney reported a loss of $489 million in the three months ended Nov.2, compared with a loss of $123 million in the year ago period.
Sales fell 5.1% to $2.78 billion. Same-store sales were down 4.8%, but the period ended with its first monthly gain since December 2011. And online sales rose 24.5%, to $266 million.
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Wal-Mart matches Black Friday offers Nov. 22
Bentonville, Ark. -- At 8 a.m. on Friday, Nov. 22, Wal-Mart will kick off a pre-Black Friday savings event in stores and online, lowering the prices on popular toys and electronics, to match select Black Friday offers from Target, Toys R' Us and Best Buy one week early.