J.C. Penney Co Inc reported a smaller-than-expected quarterly loss on Thursday, ...
) reported a smaller-than-expected quarterly loss on Thursday, as the department store operator’s efforts to cut costs and shutter unprofitable businesses paid off, sending shares of its penny stock higher by as much as 14%.
Last month, Reuters exclusively reported that the company had hired advisers to explore debt restructuring options. But the company’s net loss more than halved, to $48 million, compared with the same period a year ago, and Soltau said the company was benefiting from a reduction in excess inventory and reining in permanent price markdowns.
“With the exponential growth in resale, there’s no doubt that demand for affordable luxury is at an all-time high,” Soltau said. “There’s an emotional thrill that comes with finding a high-quality, secondhand products for much less.”
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