J.C. Penney reports hefty 3Q loss - Dallas News | myFOXdfw.com

J.C. Penney reports hefty 3Q loss

By ANNE D'INNOCENZIO
AP Retail Writer

NEW YORK (AP) - 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% 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%. Analysts expected a 17.6% drop..

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

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by WorldNow

KDFW FOX 4
400 N. Griffin Street
Dallas, Texas 75202

Main Station Directory:
(214) 720-4444
News Fax:
(214) 720-3263 or (214) 720-3333

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices