JCPenney's net loss widens

JCPenney's first-quarter net loss was $180 million, worse than a loss of $97 million a year earlier.

Revenue was $2.7 billion, less than the $2.77 billion expected by analysts.

“We continue to make encouraging progress in the company’s competitive and financial position despite our top-line performance during the quarter,” CEO Marvin Ellison said in a statement. “Our teams remain committed to executing on our strategic growth inaitiaves and we are confident in our ability to drive sustainable growth and long-term profitability for JCPenney.”

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