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J.C. Penney fiscal Q2 loss narrows YOY

J.C. Penney Co. Inc. said its normalized net income for the fiscal second quarter ended Aug. 2 was a loss of 36 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 95 cents per share.

The per-share loss narrowed 74.3% year over year from $1.42.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $111.3 million, compared with a loss of $312.5 million in the year-earlier period.

The normalized profit margin rose to negative 4.0% from negative 11.7% in the year-earlier period.

Total revenue rose 5.1% year over year to $2.80 billion from $2.66 billion, and total operating expenses fell 5.0% from the prior-year period to $2.91 billion from $3.07 billion.

Reported net income came to a loss of $170.9 million, or a loss of 56 cents per share, compared to a loss of $586.8 million, or a loss of $2.66 per share, in the year-earlier period.