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J.C. Penney hits record low on wider loss, retail gloom


By Richa Naidu and Sruthi RamakrishnanREUTERS - J.C. Penney Co Inc's stock hit a life-low as sweeping store closures and a challenging retail environment drove the embattled department store chain to report a bigger-than-expected quarterly loss and took a toll on comparable sales.Penney's results were in contrast to those from industry stalwarts Macy's Inc and Nordstrom Inc, both of which beat market expectations for second-quarter profit and comparable sales on Thursday.Shares in Penney, which were down 16 percent at $3.96 in morning trading, have tumbled 43 percent since the start of the ...

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First Published: Fri, August 11 2017. 22:36 IST