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News Summary: J.C. Penney's 2Q shows signs of life

(AP) - THE NEWS: J.C. Penney's second-quarter loss widened from a year ago on a revenue drop of nearly 12 percent.

THE CONTEXT: Penney continues to face challenges related to a botched turnaround plan spearheaded by its former CEO Ron Johnson who was ousted in April. Returning CEO Mike Ullman has been bringing back coupons, more frequent sales and basic merchandise that was eliminated under Johnson.

SIGNS OF LIFE: Penney reported improved sales from month-to-month during the quarter, and the decline in Penney's online business slowed significantly in part due to the company's move to veer from Johnson's strategy and go back to operating its online businesses with its physical stores.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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