JCPenney reports 2Q loss

PLANO, Texas JCPenney reported earnings per share from continuing operations of 52 cents for the second quarter ended Aug. 2, compared to 78 cents in last year’s second quarter. Net income for the quarter decreased 35.7% to $117 million.

“In this difficult consumer environment, we have continued to focus on tightly controlling all aspects of our business, and our second quarter results show the benefits of our approach. Our ability to protect our bottom line through rigorous expense control and effective inventory management was enhanced by good initial customer response to our new brand launches and the effectiveness of our promotional pricing actions,” said Myron Ullman, chairman and ceo of JCPenney.

For the third quarter, the company is expecting comparable-store sales decrease in the mid-single digits. Earnings per share are expected to be between 70 cents and 75 cents.