J.C. Penney same-store sales miss estimates, shares tumble

(Reuters) - J.C. Penney Co Inc on Thursday reported sales at established stores below analysts' estimates as the department store chain discounted heavily to clear inventory, sending its shares down 15 percent.

Same-store sales rose 0.3 percent, missing analysts' average estimate of about 1 percent, according to Thomson Reuters I/B/E/S.

Net loss widened to $101 million, or 32 cents per share, in the second quarter ended Aug. 4 from $48 million, or 15 cents per share, a year earlier.

The company is yet to find a replacement for Chief Executive Officer Marvin Ellison who left the company in May to join home improvement chain Lowe's Cos Inc.

 

(Reporting by Aishwarya Venugopal in Bengaluru)