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J.C. Penney Co., Inc., an operator of a network of department stores in the United States and Puerto Rico, recently announced results for the second quarter of 2009. The company posted a smaller-than-expected net loss this week, due to cost reductions, but management is cautious that full-year results might miss expectations.
During the second quarter ended August 1, 2009, J.C. Penney reported a net loss of $1 million, or nil per share, compared with a year-earlier profit of $117 million, or 52 cents per share. Analysts predicted a loss of 1 cent per share, according to Reuters Estimates. During the same time period, sales declined 7.9 percent to $3.94 billion, while same-store sales dropped 9.5 percent.
Myron “Mike” Ullman, the company’s chief executive officer, stated, “From my perspective the consumer is further behind the recovery than the statistics would indicate.”
The company said it now expects this year’s sales to decline 5.5 percent to 6.0 percent, with same-store sales down 7.0 percent to 7.5 percent. Management had previously forecasted a same-store sales drop of approximately 9 percent.
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