REUTERS: J.C. Penney Co Inc posted a smaller-than-expected quarterly loss on Thursday, as the struggling department store operator's efforts to cut costs and shutter unprofitable businesses paid off, sending its shares up 12per cent.
The retailer also gave a forecast for 2019, the first full-year outlook it has given since withdrawing its 2018 expectations in November to give new Chief Executive Officer Jill Soltau time to settle in at the helm. But the company's net loss has more than halved - to US$48 million - compared to the same period a year ago and Soltau said the company was benefiting from a reduction in excess inventory and a reining in of permanent price markdowns."While we still have work to do on our topline, I strongly believe that growing sales in an unprofitable way is simply not an option," she said.
To stem the company's falling sales and boost margins on merchandise, Soltau has been striving to reduce inventory at stores and closing underperforming outlets.
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