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

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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. Photo: Scott Olson

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.