J.C. Penney Co. Inc., New York, posted a net loss of $128 million in its first quarter ended April 29. That compares with a profit of $167 million in the same quarter last year.
Quarterly sales rose 3%.
Catalog sales dipped 0.5%. Internet sales, which are included in catalog results, reached $47 million, up from $6 million a year earlier. The company is planning to exploit the success of the Internet.
The company’s financial performance was better than analysts expected for the retailer, which is undergoing store closings and restructuring to boost profits.
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