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J.C. Penney reports hefty 3rd-quarter loss
By The Associated Press
This article was published November 9, 2012 at 11:09 a.m.
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NEW YORK — J.C. Penney Co. reported a bigger-than-expected loss in the third quarter on plummeting sales.
The chain said Friday that it lost 56 cents per share, or $123 million in the quarter that ended Oct. 27.
That compares with a loss of $143 million, or 67 cents per share, in the year-ago period. Revenue dropped 26.6 percent to $2.93 billion.
Friday’s report marks the third consecutive quarter of losses and steep sales declines since J.C. Penney stopped the hundreds of sales it offered each year and instead cut prices permanently throughout the stores.
Read tomorrow's Arkansas Democrat-Gazette for full details.
Comments on: J.C. Penney reports hefty 3rd-quarter loss
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arky12 says... November 9, 2012 at 12:30 p.m.
I;m not surprised. I am a long time customer of JCP and in the past several years have noticed a decline in the quality of clothing offered at the store. I used to be able to find really nice stuff at reasonable prices at the store, but this was when we were still making quality clothing in the U.S. These days, it's difficult to find anything that is not made in China, India, etc. from chain stores. One would think with cheap labor that costs to consumers would decrease, but not so. Seems it just lines the pockets of the corporations and fails to trickle down to the rest of us despite what we've been lead to believe since the Reagan Presidency. Apparently, once it get's to the top it stays there.
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inquire says... November 9, 2012 at 3:53 p.m.
I, also, was a long time JCP customer for casual clothes, office wear, household linens, rugs, etc. They had really attractive lamps and wall art and high quality kitchen goods.
Since the big change, the quality of merchandise is way down. The ads are stupid. They seem to be trying to appeal to teens and twenty somethings. That is not the demographic that built their business and made them a household name.
I used to save a lot of money on the promotions they ran. Those are no more.
With no catalogs, it is no longer easy to pick up the phone and have standard items like linens or everyday clothing delivered to the house. You have to call the catalog center and try to have the person find what you want and describe it adequately. Ordering has become a hassle.
A fine old company has been ruined because some ignorant young hotshot wanted to make his mark.
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