J.C. Penney Q4 Loss Worse Than Expected

J.C. Penney reported a net loss of $552 million in the fourth quarter, compared with a loss of $87 million in the year-ago period. Total sales for the quarter decreased by almost 30 percent to $3.88 billion. Analysts had expected $4.08 billion. Same-store sales declined 31.7 percent and online sales fell almost 35 percent to $315 million. For Spring ’13 J.C. Penney plans to open close to 20 home wares shops designated in 505 stores as well as nearly 700 Joe Fresh shop-in-shops and a further 60 Sephora shops, bringing the total to 446.