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Penney reports loss, dragged down by charges
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NEW YORK - J.C. Penney Co. (JCP) says it lost $87 million in the fourth-quarter, citing restructuring and management transition charges as well as the financial impact related to its new pricing strategy.
The department store chain said Friday that its loss amounted to 41 cents per share for the three-month period ended Jan. 28. That compares with net income of $271 million, or $1.13 per share in the year-ago period.
The results include restructuring and management charges that totaled 56 cents per share. The impact of its pricing strategy, which debuted Feb. 1, lowered results by an additional 59 cents.
J.C. Penney banks on permanent 40% markdowns
Revenue slipped 5 percent to $5.42 billion. Analysts expected $5.5 billion.
Under the stewardship of new CEO Ron Johnson, Penney is scaling back non-stop promotions in favor of every day pricing.
Its shares slipped 4 cents to $41.89 in premarket trading.
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