J.C. Penney halved its quartery loss thanks to higher sales of home goods, footwear, and beauty products, as well as cost cuts. Bobbi Rebell reports.
Wall Street has another retailer to cheer as J.C. Penney reported a much smaller loss than had been predicted. Earlier in the week, Macy's and Kohl's also reported results that were better than the low expectations of analysts. J.C. Penney benefitted from cost cuts. The department store operator also saw higher sales of home goods and footwear, along with beauty products at the Sephora outlets in its stores. Mary Epner, principal at Mary Epner Retail Analysis, saying: "The revived focus on home products at their affordable prices will be a potential win. While the Sephora brand, accessories, and shoes are performing better than expected, it is by no means a given that this customer will return for fall. " Penney confirmed it is on track to achieve its first full-year profit in five years.