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More pain before long-term gain at JCP
If JCPenney CEO Ron Johnson is concerned by a 21.7% second-quarter same-store sales decline and a worse-than-expected loss, it wasn't evident Friday morning.
The retailer said sales for the second quarter ended July 28 declined 22.6% to a little more than $3 billion, resulting in a $147 million loss, or 67 cents per share. After adjusting for $159 million in restructuring charges, the company reported a loss of $81 million, or 37 cents per share. The 21.7% comp decline follows a first-quarter decline of 18.9%.