NEW YORK (AP) — J.C. Penney Co. is reporting a first-quarter big loss on a 16 percent revenue plunge as the chain continues to reel from the turnaround plan implemented by its former CEO Ron Johnson, who was ousted last month.
The company, based in Plano, Tex. said it lost $348 million, or $1.58 per share, for the three month period ended May 4. That compares with a loss of $163 million, or 75 cents per share a year ago.
The company posted revenue of $2.63 billion.
Analysts had expected a loss of $1.06 per share on revenue of $2.66 billion.
The results mark five straight quarters of big quarterly losses and revenue declines since Johnson launched an overhaul that ended up turning off shoppers.