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J.C. Penney fiscal Q1 loss narrows YOY

J.C. Penney Co. Inc. said its normalized net income for the fiscal first quarter ended May 3 was a loss of 68 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of $1.23 per share.

The per-share loss decreased 50.9% year over year from $1.39.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $208.1 million, compared with a loss of $305.6 million in the prior-year period.

The normalized profit margin increased to negative 7.4% from negative 11.6% in the year-earlier period.

Total revenue grew 6.3% year over year to $2.80 billion from $2.63 billion, and total operating expenses came to $3.04 billion, compared with $3.06 billion in the prior-year period.

Reported net income came to a loss of $350.8 million, or a loss of $1.15 per share, compared to a loss of $347.4 million, or a loss of $1.58 per share, in the prior-year period.