JC Penney Reports Another Horrific Quarter
Aug 20, 2013, 17:09 IST
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Revenue came in at $2.66 billion, missing analysts' expectation for $2.78 billion.
It also reported a big net loss of $2.06 per share, which was much worse than the $1.07 loss expected.
"Comparable store sales declined 11.9% in the quarter, and were negatively impacted by the Company`s failed prior merchandising and promotional strategies, which resulted in unusually high markdowns and clearance levels in the second quarter," said management in a press release.
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