J.C. Penney Q3 Beats Street on the Bottom Line, Misses on the Top

J.C. Penney posted a third quarter loss of $0.77 a share on revenue of $2.76 billion. Wall Street analysts were looking for a loss of $0.80 on sales of $2.81 billion. Last year, the struggling retailer lost $1.81 per share on $2.78 billion in sales. As for details, same-store sales at the company were flat to last year; up 4.3 % year-to-date. Gross margin improved 710 basis points from the same quarter last year. SG&A improved $18 million versus the same quarter last year, while net income improved 62% compared to last year. TheStreet's Gregg Greenberg has details from New York.