J.C. Penney stumbles as liquidation sales add to losses [USA TODAY]
JC PENNEY (JCP)
Last jc penney earnings: 2/27 07:30 am
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Source: USA TODAY
J.C. Penney reports earnings from the latest quarter. (Photo: Stephan Savoia, AP) 19 CONNECT TWEET LINKEDIN COMMENT EMAIL MORE Liquidation sales mean deep discounts for customers -- but they proved devastating when it came to the bottom line for J.C. Penney. The department store's loss deepened due to the decision to close 127 stores in a single quarter, the most it has ever done in such a short period. They are part of 138 stores that J.C. Penney intends to shutter this year. J.C. Penney recorded a net loss of $62 million, or 20 cents per share, up from $56 million for the same quarter last year. The loss was double the amount that S&P Global Market Intelligence analysts had projected. As a result, investors pummeled J.C. Penney's stock. Shares were down almost 19% to $3.82, off 89 cents, by late afternoon Friday. By taking advantage of the deep discounts at liquidation sales at the closing s
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