JC Penney reports wider quarterly loss

[BENGALURU] Department store operator JC Penney Co Inc reported a wider loss as it margins took a hit from the liquidation of inventory in stores it was closing.

The company's net loss widened to US$62 million, or 20 cents per share, in the second quarter ended July 29, from US$56 million, or 18 cents per share, a year earlier.

Net sales rose 1.5 per cent to US$2.96 billion.

REUTERS