Texas-Based J.C. Penney Reports Massive Losses

NEW YORK (February 27, 2013)--J.C. Penney reported massive losses and plunging sales for its fiscal fourth-quarter Wednesday as the Texas-based department store chain's plan to scale back most coupons and sales events continued to turn off shoppers.

The results mark a full year of massive losses under CEO Ron Johnson, who took on the role in November 2011 to overhaul every aspect of Penney's business.

The company, based in Plano, said it lost $552 million, or $2.51 per share, for the period ended Feb. 2, compared with a loss of $87 million, or 41 cents per share in the year-ago period.

Revenue dropped 28.4 percent to $3.88 billion.

Analysts expected a loss of 23 cents on revenue of $4.08 billion.

Revenue at stores opened at least a year dropped 31.7 percent.

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