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Wednesday, April 23, 2014, 1:54 p.m.
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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.

— 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.

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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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