J.C Penney posts 4th straight big loss, sales drop
Published: February 27, 2013
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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.
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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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