Breaking News Bar
posted: 11/9/2012 7:43 AM

J.C. Penney reports hefty 3Q loss

hello
Success - Article sent! close
  • J.C. Penney Co. is reporting a bigger-than-expected loss and plummeting sales for the third quarter as its customers are still not buying its pricing plan that gets rid of hundreds of discounts.

      J.C. Penney Co. is reporting a bigger-than-expected loss and plummeting sales for the third quarter as its customers are still not buying its pricing plan that gets rid of hundreds of discounts.

 
Associated Press

J.C. Penney Co. is reporting a bigger-than-expected loss and plummeting sales for the third quarter as its customers are still not buying its pricing plan that gets rid of hundreds of discounts.

The department store chain says it lost 56 cents per share, or $123 million in the quarter ended Oct. 27. That compares with a loss of $143 million, or 67 cents per share in the year ago period.

Revenue dropped 26.6 percent to $2.93 billion

Analysts had expected a 15 cent loss on revenue of $3.27 billion.

Revenue at stores opened at least a year dropped 26.1 percent. Analysts expected a 17.6 percent drop..

The bleak performance marks the third straight quarter of losses and severe sales declines since Penney implemented the pricing plan on Feb. 1.

Share

Interested in reusing this article?

Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.

The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.

Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Name * Company Telephone * E-mail *

Message (optional)

Success - Reprint request sent Click to close
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.
    help here