Penney's shares plunge after 4Q massive loss
NEW YORK — Shares of J.C. Penney Co. plunged a day after the department-store chain reported massive losses and a nearly 30 percent drop in revenue in its fiscal fourth-quarter period.
The results, which were much worse than Wall Street expected, cap off a full year of steep losses and sales drops since CEO Ron Johnson launched a turnaround plan that included getting rid of most the 600 or so discounts the chain used to offer each year in favor of everyday low prices.
Penney reported on Wednesday after the markets closed that it widened its quarterly loss to $552 million, or $2.51 per share. Revenue fell 24.8 percent to $12.98 billion.
On Thursday, its shares fell 19 percent, or $3.98, to $17.18. Shares have dropped 60 percent since early last year.
- Share Facebook Twitter
Article sent to (required)E-mail
Article sent from (required)E-mail Name
Subject Line (article title)
Message (optional)Success - Article sent Click to close
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 *
Article InformationTitle URL
Message (optional)Success - Reprint request sent Click to close