J.C. Penney Co. is reporting a bigger-than-expected loss and plummeting sales for the third quarter as its customers are still not buying its pricing plan that gets rid of hundreds of discounts.
The department store chain says it lost 56 cents per share, or $123 million in the quarter ended Oct. 27. That compares with a loss of $143 million, or 67 cents per share in the year ago period. JCP operates two different types of retail establishments. There are still a few stand-alone small town stores in operation such as the one in downtown Astoria but the company has focused attention primarily on it's mall-type anchor stores with efforts to remake the company image through upscale product presentation and pricing policies that drop the multiple sales and discounts.
Revenue dropped 26.6 percent to $2.93 billion
Analysts had expected a 15 cent loss on revenue of $3.27 billion.
Revenue at stores opened at least a year dropped 26.1 percent. Analysts expected a 17.6 percent drop..
The bleak performance marks the third straight quarter of losses and severe sales declines since Penney implemented the pricing plan on Feb. 1.