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.