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J.C. Penney Still Losing Money, Maybe Just Not As Much of It

Lisette Barraza (R) hands a shopper her merchadise in a bag displaying the new store logo at a JCPenney store in the North Riverside Park Mall February 1, 2012 in North Riverside, Illinois. J.C. Penney Company Inc., the parent company of JCPenney, today rolled out a major transformation of its JCPenney stores which included a new pricing structure that offers fewer sales, monthly specials, and more predictable pricing. The stores will also add new merchandise brands to their existing lines and display the new store logo.

WWD writes, "For the three months ended Oct. 27, the loss narrowed to $123 million, or 56 cents a diluted share, from a loss of $143 million, or 67 cents last year." But: "Sales dropped 26.6 percent [to] $2.93 billion from $4 billion last year. Same-store sales fell 26.1 percent." Shit.

Photo: Scott Olson/Getty Images

Copyright © 2013, New York Media LLC. All Rights Reserved. The Cut® are registered trademarks of New York Media LLC.

Copyright © 2013, New York Media LLC.
All Rights Reserved.

Copyright © 2013, New York Media LLC. All Rights Reserved.

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