JC Penney shares slide after 4Q miss

PLANO, Texas — Shares of J.C Penney tumbled Thursday after the struggling retailer posted a surprise loss for the holiday quarter, despite improving sales trends.

The company, which is trying to recover from a disastrous reinvention push by former CEO Ron Johnson, said sales rose 4.4 percent at established locations for the period ending Jan. 31 and for the year. But the company saw operating expenses edge up and is still working on improving its mix of merchandise to expand margins. Private label clothing brands, for instance, tend to be more profitable than name brands for the company.

Sears 4Q loss narrows, sales slide

NEW YORK — Sears recorded its fourth straight year of falling profit and revenue, even as cost cutting and store closures helped narrow its loss for the fourth quarter.

The Hoffman Estates, Illinois-based company, which runs Kmart and its namesake stores, has been closing stores, selling assets and slashing inventory as it continues with efforts to turn around its business. But the retailer and its CEO and chairman, Edward Lampert, still face challenges.

Lloyds reaches recovery milestone

LONDON — London-based Lloyds Banking Group passed a milestone today in its recovery from the financial crisis, reporting an annual profit and announcing plans to pay a dividend for the first time since it was rescued by British taxpayers.

The bank posted net income of 1.13 billion pounds ($1.7 billion) compared with a loss of 838 million pounds in 2013.

“This is a symbolic development that bears testament to our successful transformation and improved risk profile of the business,” Chief Executive Officer Antonio Horta-Osorio said in a statement.

By The Associated Press