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J.C. Penney posts narrower first quarter loss, lifts margin target


    (Reuters) - Department store chain J.C. Penney Co Inc reported

    a narrower quarterly loss and lifted its annual gross margin TARGET (TGT.NY) helped by stronger sales.

    The company posted a loss of $167 million, or 55 cents per share, in the first quarter ended May 2, compared with a net loss of $352 million, or $1.15 per share, a year earlier.

    It said it now expects gross margin to improve 100 to 150 basis points for 2015, up from a 50 to 100 basis points improvement under a prior forecast.

    (Reporting by Nathan Layne in Chicago; Editing by Chris Reese)