J.C. Penney reports hefty 3Q loss
Fri., Nov. 9, 2012
NEW YORK (AP) — J.C. Penney Co. is hoping it has finally hit rock bottom. The bad news just keeps getting worse for the struggling department-store chain, which on Friday reported a wider third-quarter loss than Wall Street expected on a nearly 27-percent drop in revenue. That marks the third consecutive quarter of huge profit losses and steep sales declines as customers continue to show that they are not happy with its decision this year to ditch hundreds of coupons and annual sales in favor of everyday low pricing.