J.C. Penney sales plunge, much worse than expected

[Eugene]

Source: Reuters

J.C. Penney sales plunge, much worse than expected

By Phil Wahba
Wed Feb 27, 2013 6:13pm EST

(Reuters) - J.C. Penney Co Inc (JCP.N) reported sales at stores open at least a year fell 31.7 percent in the fourth quarter, a much worse-than-expected plunge that might put Chief Executive Ron Johnson's future at the company at risk.

The poor results for the quarter, which included the holiday season, capped a rough first year for Penney's restructuring. The company's shares fell 14.5 percent to $18.09 in after hours trading.

Johnson, who was brought in to revive the chain after running Apple Inc's (AAPL.O) retail business, acknowledged that he made a serious mistake in with pricing.

"We also made some big mistakes and I take personal responsibility for these," he said on a conference call on Wednesday night.

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Read more: http://www.reuters.com/article/2013/02/27/us-jcpenney-results-idUSBRE91Q19C20130227

[Squinch]

1. Maybe people don't want the mental strain of having to decide whether the guy with the

semiautomatic is crazy - while they are buying onesies for the baby.

Just a thought.

[Skittles]

2. I was in a JC Penney store last month and I really liked it

got good quality clothes a good price

[southernyankeebelle]

3. I remember Penney store when it was a Five and Dime store. Great place to shop. I don't like

our store in our little mall. They are a bit snobby. I don't shop there as much. I ususally buy for my granddaughter.

[virgogal]

5. They have been running some good ads for very cute dresses for young gals. I hope

they make it.

[Leslie Valley]

4. Isn't it just a bit ironic that Sam Walton began his career in retailing

with JCPenny in 1940 as a management trainee.

[Nay]

6. That's too bad, because I like Penney's. I am retired now, but I bought blouses for work

from Penney's all the time. For the past 10 years it's been hard to find any kind of dressy blouse in standard colors and patterns; in most stores, clothes have been downright ugly for a long time.