J.C. Penney Loss Widens as New CEO Ullman Starts Changes

J.C. Penney Co.’s net loss widened in the first quarter as the department-store chain works to rebound from former Chief Executive Officer Ron Johnson’s failed makeover.

The loss expanded to $348 million, or $1.58 a share, in the quarter ended May 4 from a deficit of $163 million, or 75 cents, a year earlier, the Plano, Texas-based retailer said yesterday in a statement. Excluding restructuring and management transition costs, the loss was $1.31 a share.