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Tue May 15, 2012, 04:55 PM

J.C. Penney Reports Loss And Plummeting Sales In 1Q [View all]

(05-15) 13:22 PDT NEW YORK, (AP) --

J.C. Penney is reporting a bigger-than-expected loss and plummeting profits in the first quarter as many of its customers are rejecting a new bold pricing strategy that puts an end to rampant discounting in favor of everyday low prices.

The department store chain says it lost $163 million, or 75 cents per share in the quarter ended April 28. That compares with a profit of $64 million, or 28 cents per share in the year-ago period. Revenue dropped 20 percent to $3.15 billion for the quarter.

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http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2012/05/15/national/a132014D36.DTL

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Reply J.C. Penney Reports Loss And Plummeting Sales In 1Q [View all]
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