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.
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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.