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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.
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Macy’s falls short in Q1; to open 32 new stores by 2018
Cincinnati -- Bad weather, decreased spending by international tourists due to the strong U.S. dollar and delayed merchandise shipments from the West Coast port slowdown all contributed to Macy’s missing Wall Street projections for profit and revenue in the first quarter of fiscal 2015. Net income fell 13% to $193 million, from $224 million in the same quarter a year earlier.
Net sales dropped about 1% to $6.23 million, from $6.28 million. Same-store sales declined 0.7%.
