J.C. Penney in the early stages of a multi year turnaround, reported a 26 percent declineSubmitted by go213mph on Fri, 11/09/2012 - 10:15
This looks like the same type of "recovery" that our economy has been in for the past 5 years.
J.C. Penney, which is in the early stages of a multiyear turnaround, reported a 26 percent decline in third-quarter sales at stores open at least a year, a steeper drop than the 17.9 percent that Wall Street analysts were expecting.
Penney said its net loss had narrowed to $123 million, or 56 cents per share, in the third quarter ended Oct. 27 from $143 million, or 67 cents per share, a year earlier.
Excluding items, the retailer reported a loss of 93 cents per share, much wider than the 7 cents per share loss the Street was expecting.
Revenue dropped to $2.93 billion, compared to expectations of revenue of $3.27 billion.