(USA TODAY) -- J.C. Penney is still struggling to recover from a failed merchandise strategy and store overhaul by former CEO Ron Johnson.
company Tuesday reported a net loss of $586 million, or $2.66 a share,
for its second quarter. That compares with a $147 million net loss, or
67 cents a share, a year ago.
sales were down about 12% from the second quarter of 2012. Penney said
sales continue to be adversely affected by the "lengthy renovation and
disappointing re-merchandising of its home departments."
Revenue for the quarter was $2.66 billion, compared to $3.02 billion for the second quarter last year.
are no quick fixes to correct the errors of the past," interim CEO Mike
Ullman said in statement. "Moving forward, we're focusing our efforts
on regaining customer loyalty by offering trusted brands, award winning
service and affordability that families can depend on."
this month, Penney lost one of its most prominent board members when
Bill Ackman resigned. Ackman's Pershing Square Capital Management is
Penney's largest stockholder. His resignation came after the investor
made public statements about losing confidence in the retailer's board.
still has to find a permanent CEO replacement for Ron Johnson, who was
ousted in the spring. Ullman, who served as Penney's CEO from 2004 to
2011, was brought in to lead the company in the meantime.
Penney shares rose in pre-market trading to $13.50 a share.