REUTERS: J.C. Penney Co Inc on Friday reported a smaller-than-expected quarterly loss, as the struggling retailer benefited from lower advertising expenses and an increase in margins, sending its shares up nearly 14per cent.
To appeal to today's modern shopper, the 117-year-old retailer has partnered with resale clothing company thredUP and is also testing a new store to attract customers with everything from a yoga studio, a videogame lounge and lifestyle workshops.The efforts are a part of Chief Executive Officer Jill Soltau's strategy to turn around the business, after it faced years of falling sales in a changing retail landscape following Amazon.com Inc's entry.
"We are beginning to see results – both in our numbers and how we operate as a business," Soltau said in a statement on Friday. J.C. Penney's rivals, including Macy's and Nordstrom Inc , are also looking to bring in shoppers to new stores with cafes, donut shops, fine-dining restaurants and full bars with Instagrammable views.
Excluding one-time items, J.C. Penney reported a loss of 30 cents per share, smaller than the average analyst estimate of a loss of 55 cents.The company said net loss narrowed to US$93 million, or 29 cents per share, in the quarter ended Nov. 2, from US$151 million, or 48 cents per share, a year earlier.
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