J.C. Penney Co. Inc. said its normalized net income for the fiscal third quarter ended Nov. 1 came to a loss of 47 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 81 cents per share.
The per-share loss narrowed 59.7% year over year from $1.18.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $145.0 million, compared with a loss of $296.9 million in the prior-year period.
The normalized profit margin increased to negative 5.1% from negative 10.7% in the year-earlier period.
Total revenue totaled $2.76 billion, compared with $2.78 billion in the year-earlier period, and total operating expenses declined 8.3% from the prior-year period to $2.89 billion from $3.15 billion.
Reported net income totaled a loss of $189.3 million, or a loss of 62 cents per share, compared to a loss of $488.5 million, or a loss of $1.94 per share, in the prior-year period.
