Wider-Than-Expected Loss Coming at J.C. Penney - TheStreet

Wider-Than-Expected Loss Coming at J.C. Penney

The company posts a 0.1% rise in June same-department-store sales.
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J.C. Penney

(JCP) - Get Report

said same-store sales in its department stores rose 0.1% last month. The company said it will report a wider second-quarter loss than analysts expected.

Overall department-store sales were $1.21 billion, down 1.6% from $1.22 billion, while total sales in its Eckerd drugstore division rose 2.7% to $1.41 billion on a 0.9% increase in same-store sales. Catalog and Internet sales were $205 million, up 1.5% from $202 million.

"Sales were soft early in the period, then strengthened during Father's Day and the latter part of the month," it said. "The best performing merchandise categories for the month were Children's, Family Shoes and Home."

The company said pharmacy sales were hurt by lower prices for generic drugs, Claritin's availability as an over-the-counter medication, and concerns about hormone replacement therapy.

J.C. Penney expects to report a second-quarter loss comparable to last year's 5 cents a share. Analysts surveyed by Thomson First Call were looking for a loss of 2 cents.