J. C. Penney Q2 Loss Narrows - Quick Facts

(RTTNews) - J. C. Penney Company, Inc. (JCP) reported a second-quarter net loss of $172 million or $0.56 per share, narrower than $586 million or $2.66 per share in the comparable quarter last year. Loss before income taxes was $176 million, compared to a loss of $604 million, last year.

Adjusted net loss narrowed to $228 million or $0.75 per share from $477 million or $2.16 per share in the prior year quarter.

On average, 17 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.93 for the quarter. Analysts' estimates typically exclude special items.

Net sales increased to $2.80 billion from $2.66 billion. Same store sales increased 6.0%. Analysts expected revenue of $2.79 billion for the quarter.

Gross margin was 36.0% of sales, compared to 29.6% in the same quarter last year, representing a 640 basis point improvement. Operating loss was $70 million, which represents a 82% improvement over last year, the company said.

The company expects its third-quarter comparable store sales to increase mid-single digits and gross margin is expected to be in-line with second quarter of 2014.

The company continues to expect its 2014 full-year comparable store sales to increase mid-single digits and gross margin to improve significantly versus 2013.