Summary Box: J.C. Penney posts big 3Q loss
- Associated Press
- November 9, 2012 - 5:02 PM
NEW YORK - BIG LOSS: J.C. Penney reported it lost $123 million, or 56 cents per share, in the quarter ended Oct. 27. That compares with a loss of $143 million, or 67 cents per share, a year ago. Revenue dropped 26.6 percent to $2.93 billion in the quarter.
BEHIND THE RESULTS: Shoppers are still turned off by the company's pricing plan implemented in February that gets rid of hundreds of sales events in favor of everyday low prices.
WHAT'S NEXT: J.C. Penney is again tweaking its strategy and will begin to display on price tags the "suggested" price from manufacturers along with Penney's "everyday" price. It is also hoping to bring back customers with its big Black Friday sale.
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