Retailer JC Penney's chief says still much ''work to do'' as Q2 loss shrinks helped by higher sales of jewelry and home goods. Jeanne Yurman reports.
J.C. Penney's making headway in its turnaround efforts. It's loss narrowing to .45 a share while revenues grew to $2.88 billion - both besting Street targets. Improved sales of home goods, fine jewelry and its Sephora departments boosted results. JC Penney's joins retailer Nordstrom in turning in positive numbers, bucking the negative Q2 numbers from Macy's and Kohl's. It has been working to recover sales and market share lost during the tenure of former CEO Ron Johnson. In a press release, Penney's current CEO Marvin Ellison said still has much work to do to: "I am pleased with the resilience and the efforts of our associates. I also remain confident in our ability to achieve the long-term financial targets we have laid out." The company reiterated guidance for sales growth of as much as five percent this year. JC Penney's stock has outperformed the retail sector and the broader market, up more than 24 percent since the start of the year. But it still trades in the single digits... and well off its 52-week high.