Plano, Texas • J.C. Penney Co. reported a narrower loss for its second quarter that beat Wall Street expectations.
The beleaguered department store operator also said Thursday that sales rose 6 percent at established locations during the period, the third consecutive quarter of growth.
The results offer some encouraging signs that Penney is recovering from a botched transformation plan by former CEO Ron Johnson that resulted in massive losses and plunging sales. Johnson, the mastermind behind Apple's retail concept, was ousted in April 2013 after 17 months on the job. The board brought back Mike Ullman, who had been at the helm for seven years, to turn around Penney.