J.C. Penney's Revenues Fall Short, But Loss is Better Than Expected

J.C. Penney reported mixed results, with revenues coming in less than analysts expected, but it's loss was not as bad as Wall Street expected. CEO Marvin Ellison was optimistic about the latter half of the year, citing new initiatives that will drive growth.  Those initiatives include expanding its Sephora beauty business and selling appliances. The company repeated its 2016 guidance, which includes a same store sales gain of three to four percent. The company also expects EBITDA to increase to $1 billion. In the current quarter, Penney had a loss of a nickel a share.