Boston, MA 05/20/2013 (wallstreetpr) – The share prices of J.C. Penney Company, Inc. (NYSE:JCP) had plunged by 4.15 percent to reach $18.01 due to its reported net losses for the first quarter, 2013. The retailer operating 1102 department stores in 49 states and Puerto Rico had been trading in the intraday range of $17.55 to $18.64 per share.
J.C. Penney Company, Inc. (NYSE:JCP) had lost $2.6 billion for the first quarter on its revenues which translates into $1.31 per share. The reported loss in revenues was higher than the analysts’ estimates of 99 cents per share and above the loss of 25 cents per share in the same quarter of previous year. However, the recent changes in its operations, which J.C. Penney Company, Inc. (NYSE:JCP) had been working on had provided for vast improvement in the company’s earnings over the previous quarter.
Survival of the company
J.C. Penney Company, Inc. (NYSE:JCP) had recently ousted its Chief Executive Officer Ron Johnson and had replaced him with his predecessor. Since this replacement at the leadership, J.C. Penney Company, Inc. (NYSE:JCP) had been continually focusing on the survival of the department store chain.
J.C. Penney Company, Inc. (NYSE:JCP) had gone to great lengths to secure various forms of credit so as to ensure survival for the next two quarters without any possibility to think for long term. This success in ensuring finance for its operations had however enabled the company to be assured of its recovery to a possible extent. J.C. Penney Company, Inc. (NYSE:JCP) had almost lost $2 per share in this quarter.
