FILE - In this Friday, Nov. 23, 2012, file photo, a shopper drags her purchases past a line of customers waiting to pay at a J.C. Penney store, in Las Vegas. The mid-priced department store chain on Wednesday, Feb. 26. 2013. reported another much larger-than-expected loss in the fiscal fourth quarter and a nearly 30 percent plunge in revenue in the latest sign that shoppers aren't happy with the changes it's made in the past year. The results mark a full year of massive quarterly losses and revenue declines since J.C. Penney Co. began a turnaround strategy that included ditching most of its coupons and sales events in favor of everyday low prices, bringing in new designer brands such as Betsy Johnson and remaking outdated stores to give them an outdoor mall kind of feel. (AP Photo/Julie Jacobson, File)
J.C Penney posts 4th straight big loss, sales drop
Published: 01:12:04 AM, Thu 28 February 2013 UTC
A POOR QUARTER: J.C. Penney widened its loss to $552 million, or $2.51 per share, up from a loss of $87 million, or 41 cents per share a year ago. Excluding charges related to restructuring and management changes, Penney's adjusted loss for the quarter was $427 million, or $1.95 per share. Total revenue dropped 28.4 percent to $3.88 billion. Analysts had expected a loss of 23 cents on revenue of $4.08 billion, according to research firm FactSet.
BEHIND THE QUARTER: Penney's pricing plan launched early last year to get rid of coupons and most sales have turned off shoppers.
WHAT'S NEXT: Penney is now adding back some of those sales every week and is counting on the company's launch of mini-shops to turn around its business.
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