Penney has 1Q loss as new pricing repels shoppers

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.

J.C. Penney Co.

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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Summary Distressed retailer J. C. Penney is expected to post its ninth straight quarterly loss.This quarter the buy-side as represented by the Estimize.com community is expecting J. C. Penney to lose less money than Wall Street is forecasting and to bring in more revenue.On Thursday contributing analysts on the Estimize.com platform expect J. C. Penney to beat Wall Street's loss expectation by 13c per share and for revenue to grow by 5% on a year over year basis.

By Achilles Research:Bill Ackman took about a $400 million loss on J.C. Penney (JCP), a retail investment that didn't quite work out for him as intended. His hedge fund has given up on bringing change to the board and the company buy selling its stake to Citigroup for $500 million. Ackman's J.C.