Penney has 1Q loss as new pricing repels shoppers

Tue, 05/15/2012 - 18:00 EDT - Yahoo! Business News

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Turns out, American shoppers don't prefer predictable pricing over blockbuster bargains — at least not yet.

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J.C. Penney Reports Hefty 3Q Loss
NEW YORK — J.C. Penney Co. reported a bigger-than-expected loss in the third quarter on plummeting sales as customers continue to reject its move get rid of blockbuster sales in favor of everyday low pricing. Friday’s report marks the third consecutive quarter of losses and steep sales declines since the mid-priced department store chain get rid of hundreds of sales it used to offer each year and instead cut prices permanently about 40 percent throughout the store.
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J.C. Penney Co. reported a loss of $87 million in the fourth-quarter due in part to costs related to its bold new pricing strategy that involves ditching blockbuster sales for everyday low prices.In recent ...
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Penney has 1Q loss as new pricing repels shoppers

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