JC Penney feeling the pain of its overhaul strategy

JC Penney continues to struggle amid a massive overhaul effort.

Shares tumbled Friday, after the department store posted a $203 million loss for the third quarter.

JC Penney's (JCP) loss amounted to 93 cents a share for the quarter, more than thirteen times worse than what analysts were expecting. And sales at stores open at least a year declined more than 26% , the most since CEO Ron Johnson took the helm a year ago.

The company's total sales of $2.9 billion were also well below expectations, and customer traffic declined 12% during the quarter.

Read Full Article from CNNMoney

- Posted: 2012-11-09 13:53:05

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