J.C. Penney second-quarter same-store sales fall 11.9 percent
Aug 20 (Reuters) - J.C. Penney Co Inc on Tuesday reported sales at stores open at least a year fell 11.9 percent in the second quarter, during which it reverted to a promotions-heavy strategy to try to halt a sharp sales decline.
The higher level of markdowns and lower-than-expected sales deepened Penney's net loss in the quarter to $586 million, or $2.66 per share, from $147 million, or 67 cents per share a year earlier. Overall sales fell 11.9 percent to $2.66 billion.
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